- Circular economy solution: What was once waste turns into valuable raw material
OMV, the integrated energy, fuels & feedstock and chemicals & materials company headquartered in Vienna, signed today 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.
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. 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.
With Group sales revenues of EUR 62 bn and a workforce of around 22,300 employees in 2022, OMV is amongst Austria’s largest listed industrial companies.
In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals and plastics recycling. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe. OMV’s Fuels & Feedstock business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 1,700 filling stations in eight European countries. In the Energy segment, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2022 amounted to 392 kboe/d. Its activities also include the Low Carbon Business as well as the entire gas business.
OMV intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050 at the latest.
OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S.
Wood is a global leader in consulting and engineering, helping to unlock solutions to critical challenges in energy and materials markets. Wood provides consulting, projects and operations solutions in 60 countries, employing around 35,000 people. www.woodplc.com