This industrial property in Geismar just sold for $1.7M

Iowa-based Chevron Renewable Energy Group has purchased the Hexion chemical property in Geismar.

The company acquired the property through Reg Geismar LLC from Hexion Inc. for $1.7 million, according to a deal filed last week with the Ascension Parish Clerk of Court’s office.

Renewal Energy Group owns and operates a renewable diesel facility near the purchased property in Geismar on Highway 30.

Hexion Executive Vice President and CFO Mark Bidstrup represented the seller, while REG was represented by its president, Stacey Orlandi.

Chevron Renewable Energy Group is an international producer of lower carbon fuel solutions and has owned its refinery on Highway 30 since 2014. The facility was the country’s first standalone renewable diesel production facility when it was initially commissioned in 2010.

Chevron took over the facility after acquiring REG in 2022. The company announced an expansion project for the Geismar facility in 2020 that would enhance the plant’s processing capacity from 90 to 340 gallons per year.

Gov. Jeff Landry announced in February that Louisiana has designated $100 million in bonds to facilitate the expansion.The total estimated cost of expansion is around $950 million. 

Representatives from REG were unable to be reached before this afternoon’s publication deadline.