Earlier today in Abi Dhabi, UAE, Vienna-based OMV signed a mutually exclusive collaboration agreement with engineering consultancy Wood for the worldwide commercial licensing of OMV’s proprietary ReOil technology. The signing follows the Memorandum of Understanding signed between the two parties last year.
ReOil is OMV´s patented chemical recycling technology that converts end-of-life plastic waste that would otherwise be landfilled or sent to waste incineration.
The ReOil process operates under moderate pressure and temperatures. The resulting pyrolysis oil is then primarily used to produce high-performing and sustainable plastics. OMV was one of the first companies to develop a chemical recycling technology for used plastics more than a decade ago.
OMV and Wood are utilising Wood’s proprietary heater intellectual property to roll-out of the technology. “ReOil is a proven solution to the complex problem of plastic waste and aligns with Wood’s strategic priorities to design a more sustainable future,” said Craig Shanaghey, executive president, projects at Wood.
The companies have established a joint “technology and engineering delivery team” to support clients through the whole process of adopting and successfully implementing the technology at their sites. In addition, Wood will work with ReOil licensees to provide full asset life cycle support globally.
“We are delighted to enter this long-term relationship with Wood to provide a licensing offer, which will further enable global licensees to make use of future circular economy solutions,” Daniela Vlad, OMV Executive Vice President Chemicals & Materials emphasised.
A ReOil pilot plant has been operating in the OMV refinery in Schwechat, Austria, since 2018 and has processed end-of-life plastics for more than 22,000 hours to date. A new 16,000 t/year ReOil plant is currently under construction at the OMV site in Schwechat. Like the existing pilot plant, the new plant will be ISCC PLUS certified, ensuring traceability along the supply chain and verifying that the value chain meets environmental and social standards. The plant will be fully integrated within the petrochemical site at the Schwechat refinery. The next step is the development of an industrial-scale ReOil plant with a planned capacity of 200,000 t/year.