Romania will build a waste petroleum recycling facility

08/12/2017 15:31 Oil Market

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Romanian Green Oil and Lubes firm will have a recycling plant for waste lubricant oil. The $56 million project aims to transform oil waste into base oils so it might be reutilized in the automotive and industrial field. The 73,000 metric-tonne recycling site will be constructed in southern region of Romania, on Danube’s shore.

The European Bank for Reconstruction and Development (EBRD) and Banca Comerciala Romana (BCR) will financially back the project with a $38.7 million loan. Both partners will offer $30 million syndicated loan, on a half-to-half basis.

 

Another amount of $26 million will be obtained from Chemie-Tech DMCC, a group of firms headquartered in UAE. Romanian Green Oil and Lubes company is part of this group. Additionnally to the loan that BCR shares with EBRD, Romanian bank will also offer $8.7 million for the funding of working-capital requirements and reimbursing project related value additional tax.


The purpose is to collect most of the waste oil in this new recycling site. The generated base oils should be financially accessible for local clients. In Romania, only 50% of lubricant waste oil is collected and primarily used as fuel for producing heat, releasing huge amounts of greenhouse gas emissions. On a medium estimation, every liter of lubricant oil produces 0.5 liters of waste lubricant oil.

 

Matteo Patrone, EBRD Regional Director for Romania and Bulgaria, declared that the plant is an extremely innovative investment and concentrates on the circular economy. With its Green Economy Transition approach, the EBRD wishes to boost its funding in renewables to more than 40% of yearly business investment by 2020. 


Up to now, the Bank represents a primary investor in Romania with €7.5 billion amount in 400 projects. Only in 2017, the Bank has inked over 20 projects valued at more than €400 million.
 

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