OMV and Wood Sign Agreement to License Plastic Recycling Technology
In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.
Austria-based OMV and British consulting and engineering firm Wood are cooperating on Reoil technology. / Picture: © Wikimedia Commons / DanielZanetti / CC BY 3.0 (https://creativecommons.org/licenses/by/3.0)
ReOil is a patented OMV technology that converts plastic waste into pyrolysis oil. This oil serves as a substitute for conventional raw materials, forming a valuable component in the plastics circular economy. Wood and OMV intend to jointly position ReOil in the global market, combining Wood's proprietary heating technology with OMV's chemical recycling process. The companies have also launched a joint technology and engineering team to support customers in the implementation and application of ReOil.
Daniela Vlad, Executive Vice President for Chemicals and materials at OMV, was positive about the partnership, saying, "This collaboration with Wood enables us to offer forward-thinking circular economy solutions globally and fits perfectly with our goals to position OMV as a leader in renewable energy and circular economy."
Craig Shanaghey, Executive President of Projects at Wood, added that ReOil is a proven solution to the problem of plastic waste and fits perfectly with Wood's strategic priorities to create a more sustainable future.
A ReOil pilot plant has already been in operation since 2018 at OMV's refinery in Schwechat, Austria, which has processed more than 22,000 hours of plastic waste to date. A plant with an annual capacity of 16,000 tons is currently under construction. In addition, Wood and OMV are planning to jointly develop an industrial ReOil plant with a capacity of 200,000 tons per year.
UK-based Wood, based in Aberdeen, Scotland, is a leading global provider of consulting and engineering services. This latest partnership with OMV consolidates Wood's position as a key player in energy and materials consulting. Both companies are committed to working together to find solutions to the challenges of plastics recycling, pursuing a vision of a sustainable and resource-efficient economy.