OMV and Wood sign agreement for commercial licensing of OMV´s ReOil technology

OMV and Wood sign agreement for commercial licensing of OMV´s ReOil technology

Circular economy solution: What was once waste turns into valuable raw material

  • By ICN Bureau | October 04, 2023

OMV, the integrated energy, fuels & feedstock and chemicals & materials company, signed a mutually exclusive collaboration agreement for the worldwide commercial licensing of OMV’s proprietary ReOil technology with Wood, a global leader in consulting and engineering solutions in energy and materials markets.

The signing took place at ADIPEC 2023 in Abu Dhabi. 

ReOil is OMV´s patented chemical recycling technology that converts end-of-life plastic waste into pyrolysis oil, a valuable resource replacing conventional based feedstock to enable the circularity of plastics.

OMV and Wood are bringing the ReOil technology to the worldwide market together utilizing Wood’s proprietary heater Intellectual Property. 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.

Daniela Vlad, OMV Executive Vice President Chemicals & Materials: “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. This is in line with our strategic priorities to establish OMV as a leader in renewable and circular economy solutions and diversify our portfolio by entering adjacent products and business areas.”

Craig Shanaghey, Executive President, Projects at Wood, said, “Building on our excellent long-term relationship with OMV, we are excited to formally partner on the ReOil 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. We look forward to working with OMV to deploy this technology at scale.”

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 in construction at the OMV site in Schwechat.

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