Canada Markets open in 2 hrs 10 mins

Camber Energy to buy renewable diesel plant in Nevada

Jan 23 (Reuters) - Oil and gas company Camber Energy Inc said on Monday it was buying a renewable diesel facility located near Reno, Nevada.

Camber said the purchase price is expected to be $750 million on buying all of the membership interests from the companies that own the plant and are in the process of bringing it into commercial operations.

Renewable diesel is about 50-55% less carbon-intensive than traditional motor fuel.

Shares of Camber Energy rose 6.1% to $1.91 in morning trade.

The production capacity of the plant is estimated to be 43 million gallons per year, once operational, Camber said in a statement. (Reporting by Arunima Kumar in Bengaluru; Editing by Shweta Agarwal)