January 29, 2018 / 7:13 PM / 8 months ago

EPA agrees to extend troubled Philly refinery's biofuel compliance deadline

NEW YORK (Reuters) - The U.S. Environmental Protection Agency has agreed to extend the deadline for Philadelphia Energy Solutions (PES) to comply with its biofuel credit obligation by 30 days, until May 1, according to a bankruptcy filing.

* PES, which owns the largest and oldest refinery on the U.S. East Coast, filed for Chapter 11 bankruptcy protection on Jan. 22.

* The company wants to shed its 2017 and 2016 obligations to comply with the U.S. Renewable Fuel Standard, which requires U.S. refiners to blend biofuels like ethanol into the fuel pool or buy credits from those who do.

* The company needs to buy some $180 million of credits by April 1 to comply with the law, but the EPA says it will extend the deadline by 30 days, until May 1, court filings show.

* The company agreed to slow down the bankruptcy proceedings in exchange for the extension, court filings show.

Reporting By Jarrett RenshawEditing by Chizu Nomiyama

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