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07.12.2017 15:47
Romania to build waste oil recycling plant on Danube’s shores
AUTHOR: publics.bg


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Romanian Green Oil and Lubes company will soon have a recycling plant for waste lubricant oil, Balkan Green Energy News reported. The goal is to transform oil waste into base oils so it could be reused in the automotive and industrial sector.

The 73,000 metric-tonne recycling facility will be built in southern part of Romania, on the shore of the Danube river. The whole project is worth $ 56 million. The European Bank for Reconstruction and Development (EBRD) and Banca Comerciala Romana (BCR) will support the project with a total of $38.7 million loan, the EBRD said in the statement. Both EBRD and BCR will provide $30 million syndicated loan, divided in equal measure.

Another $26 million will secure Chemie-Tech DMCC, a group of companies based in the UAE. Romanian Green Oil and Lubes SRL belongs to this group. In addition to the loan that BCR shares with EBRD, Romanian bank will also provide additional $8.7 million for the financing of working-capital needs and recoverable project related VAT.

The idea is to have a majority of waste oil in the country collected in this new recycling plant. Base oils that will come as a product should be affordable for local customers. In Romania, only a half of lubricant waste oil is collected and mainly used as fuel for producing heat, generating significant quantities of greenhouse gas emissions. On average every liter of lubricant oil generates 0.5 liters of waste lubricant oil.

Matteo Patrone, EBRD Regional Director for Romania and Bulgaria said that this project is a highly innovative investment and focuses on the circular economy. With its Green Economy Transition approach, the EBRD wants to raise its investment in the area of green economy to more than 40% of annual business investment by 2020, Balkan Green Energy News reminded.

So far, the Bank is a leading investor in Romania with €7.5 billion in 400 projects. This year alone, the Bank has signed more than 20 projects worth over €400 million.


TAGS: Romania | recycling plant | lubricant | waste lubricant | base oils | Danube | European Bank for Reconstruction and Development | EBRD | Banca Comerciala Romana | BCR | loan | investments | Chemi-Tech DMCC | UAE 


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