Baker Botts Represents Par Pacific Holdings, Inc. in Deal to Establish Joint Venture for Renewable Fuels in Hawaii
Release
NEW YORK - JULY 21, 2025 – Today, Par Pacific Holdings, Inc. (including its subsidiaries and affiliates, “Par Pacific”), Mitsubishi Corporation (“Mitsubishi”), and ENEOS Corporation ("ENEOS”) announced the signing of definitive agreements to establish Hawaii Renewables, LLC (“Hawaii Renewables”), a joint venture to produce renewable fuels at Par Pacific’s refinery in Kapolei Hawaii.
Mitsubishi and ENEOS will form Alohi Renewable Energy, LLC, which will acquire a 36.5% equity stake in Hawaii Renewables in exchange for cash consideration of $100 million. Par Pacific will retain the remaining interest and lead the project’s execution and operations through its affiliate, Par Hawaii Refining, LLC. The project’s attractive capital cost, along with its operating and distribution cost advantages, are key differentiators. The closing of the joint venture transaction is subject to customary closing conditions and regulatory approvals.
This strategic partnership is to combine Par Pacific’s advantaged West Coast and Pacific asset base and operational capabilities with Mitsubishi’s global integrated business, including access to Mitsubishi’s Petro-Diamond Inc. Terminal in Long Beach, California and global feedstock procurement expertise. As Japan’s leading energy company, ENEOS will strengthen the partnership by leveraging its historical success in fuel refining and trading across Asia-Pacific and North America.
Baker Botts advised Par Pacific on this transaction.
Par Pacific is a Houston-based growing energy company providing both renewable and conventional fuels to the western United States.
Baker Botts Lawyers/Offices Involved:
Corporate & M&A: Arman Kuyumjian (Partner, New York); Clint Rancher (Partner, Houston); Blake Haarstad (Senior Associate, New York); Charlie Gili (Associate, New York)
Global Projects: Michael Didriksen (Partner, New York); Megan Lawhorne (Associate, Washington, D.C.)
Tax: Michael Bresson (Partner, Houston); Katie McEvilly (Senior Associate, Houston)
Environmental: Aileen Hooks (Senior Counsel, Austin)
Antitrust: Jeffrey Oliver (Partner, Washington, D.C.); Michael Bodosky (Special Counsel, Washington, D.C.)
International Trade: Paul Luther (Partner, Washington, D.C.); Alexander Reinert (Associate, Washington, D.C.)
Real Estate: Daniel Kruger (Partner, Washington, D.C.), Chris Wilson (Partner, Washington, D.C.), Pearce Layrisson (Associate, Houston)
Mitsubishi and ENEOS will form Alohi Renewable Energy, LLC, which will acquire a 36.5% equity stake in Hawaii Renewables in exchange for cash consideration of $100 million. Par Pacific will retain the remaining interest and lead the project’s execution and operations through its affiliate, Par Hawaii Refining, LLC. The project’s attractive capital cost, along with its operating and distribution cost advantages, are key differentiators. The closing of the joint venture transaction is subject to customary closing conditions and regulatory approvals.
This strategic partnership is to combine Par Pacific’s advantaged West Coast and Pacific asset base and operational capabilities with Mitsubishi’s global integrated business, including access to Mitsubishi’s Petro-Diamond Inc. Terminal in Long Beach, California and global feedstock procurement expertise. As Japan’s leading energy company, ENEOS will strengthen the partnership by leveraging its historical success in fuel refining and trading across Asia-Pacific and North America.
Baker Botts advised Par Pacific on this transaction.
Par Pacific is a Houston-based growing energy company providing both renewable and conventional fuels to the western United States.
Baker Botts Lawyers/Offices Involved:
Corporate & M&A: Arman Kuyumjian (Partner, New York); Clint Rancher (Partner, Houston); Blake Haarstad (Senior Associate, New York); Charlie Gili (Associate, New York)
Global Projects: Michael Didriksen (Partner, New York); Megan Lawhorne (Associate, Washington, D.C.)
Tax: Michael Bresson (Partner, Houston); Katie McEvilly (Senior Associate, Houston)
Environmental: Aileen Hooks (Senior Counsel, Austin)
Antitrust: Jeffrey Oliver (Partner, Washington, D.C.); Michael Bodosky (Special Counsel, Washington, D.C.)
International Trade: Paul Luther (Partner, Washington, D.C.); Alexander Reinert (Associate, Washington, D.C.)
Real Estate: Daniel Kruger (Partner, Washington, D.C.), Chris Wilson (Partner, Washington, D.C.), Pearce Layrisson (Associate, Houston)
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.
