OMV and Wood Collaborate to License Chemical Recycling Technology
Austrian oil, gas and chemicals group OMV is collaborating with British engineering and consulting group Wood for the worldwide commercial licensing of OMV’s proprietary ReOil technology. The agreement follows a respective Memorandum of Understanding, that was signed between the two companies last year.
OMV’s proprietary chemical recycling process ReOil converts end-of-life plastic waste – that would otherwise be landfilled or sent to waste incineration – into pyrolysis oil that can replace conventional raw materials to enable the circular economy of plastics. The process operates under moderate pressure and temperatures and the resulting pyrolysis oil is then primarily used to produce high-performing and sustainable plastics, OMV said.
OMV and Wood intend to jointly launch the ReOil technology on the global market, combining the chemical recycling process with Wood's proprietary heater technology. The partners have established a joint “technology and engineering delivery team”, to support clients through the whole process of adopting and 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, commented: “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, added: “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.”
OMV has been operating a ReOil pilot plant at Schwechat, Austria, since 2018 and a new 16,000 t/year plant is currently in construction at the same site.
