UPDATE 1-Phillips 66 says refiners will need to find a way to mitigate carbon emissions
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HOUSTON, March 8 (Reuters) - Oil refiners will have to develop ways to mitigate carbon emissions in the future, the chief operating officer of U.S. refiner Phillips 66 said at an energy conference on Tuesday.
In remarks at the CERAWeek energy conference, Mark Lashier said renewable fuels will not replace diesel and jet fuels in the transportation fuel mix, requiring the industry to come up with a means of cutting carbon dioxide emissions.
"You're not going to able replace all the diesel and all the jet fuel the world uses with renewables," Lashier said.
Total renewable feedstocks are between 2.5 million and 3 million barrels per day (bpd) available to refiners with plants to process them, he said.
Phillips 66 is converting a crude oil refinery in Rodeo, California into a renewable fuels refinery that will produce about 50,000 bpd of fuels from sources like animal fats and used cooking oils. The conversion will cost $850 million. (Reporting by Erwin Seba in Houston; Editing by Lincoln Feast.)
