Chevron Corp is nearing a $3 billion deal to buy biodiesel maker Renewable Energy Group Inc, Bloomberg News reported on Friday, citing people familiar with the matter.

Chevron could pay $61.50 per share in the deal, which could be announced as soon as next week if talks do not fall apart, the report said.

Chevron has set a target to cut operational emissions to net zero by 2050 and in September pledged to invest $10 billion to reduce its carbon emissions footprint through 2028, with about $3 billion earmarked for renewable fuels.

Read more: Reuters