Refining firm PBF Energy's first-quarter earnings took a hit from the rising value of Renewable Identification Numbers in the open market, so the company now plans to blend more ethanol in the second half of 2013 to offset the increased cost, said Chairman Tom O'Malley. The company had set aside about $15 million for RIN trading in the quarter but had to spend $10 million more because of the high RIN prices. To offset the cost of RINs, PBF is planning to mix ethanol into 75% of its fuel output, up from the current 50%, O'Malley said.

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