Phillips 66 to invest $850M to convert San Francisco refinery to renewable fuel 16:32 PSX Phillips 66 "made a final investment decision Wednesday to move forward with Rodeo Renewed, the project to convert its San Francisco Refinery in Rodeo, California, into one of the world's largest renewable fuels facilities. The project, which recently received approval from Contra Costa County, is expected to cost approximately $850M and begin commercial operations in the first quarter of 2024. Upon completion of Rodeo Renewed, the converted facility will no longer process crude oil and instead use waste oils, fats, greases and vegetable oils to produce an initial 800M gallons per year (over 50,000 barrels per day) of renewable transportation fuels, including renewable diesel, renewable gasoline and sustainable aviation fuel. Production of these fuels is projected to reduce lifecycle carbon emissions by approximately 65% - the equivalent of taking 1.4 million cars off California roads each year. Rodeo Renewed is also expected to cut criteria pollutant emissions at the site by 55% and water use by 160 million gallons per year."