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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…
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