OMV and Wood to Partner on ReOil Technology
OMV, the integrated energy, fuels & feedstock and chemicals & materials company headquartered in Vienna, 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 – the world’s largest gathering for the energy industry in Abu Dhabi, UAE, and follows a respective Memorandum of Understanding, that was signed between the two parties last year.
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. This innovative chemical recycling technology, complementary to mechanical recycling, processes end-of-life plastics 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 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.
“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,” Daniela Vlad, OMV Executive Vice President Chemicals & Materials, 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,” Craig Shanaghey, Executive President, Projects at Wood, added.
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. Like the existing pilot plant, the new plant will have International Sustainability and Carbon Certification (ISCC PLUS), ensuring traceability along the supply chain and verifying that the value chain meets environmental and social standards. The 16,000 t/year ReOil plant, will comply to the highest industrial safety standards and will be fully integrated within the petrochemical site at the Schwechat refinery, enabling OMV to guarantee the best use of resources and maximum efficiency. The next step is the development of an industrial-scale ReOil plant with a planned capacity of 200,000 t/year.
