1st May 2015 09:03
LONDON (Alliance News) - Cleantech industrial oil re-refining company HydroDec Group PLC on Friday said it has made its first commercial oil sale from its Australian plant, which has been relocated to the Bomen facility in Wagga Wagga run by Southern Oil.
The re-located plant is fully commissioned and the tolling arrangement with Southern Oil has commenced.
The company also said commissioning of the rebuilt and expanded plant in Canton, Ohio in the US remains on schedule for first oil in May, with first commercial sales expected before the end of the month.
"Re-starting operations in Australia through Southern Oil is a significant milestone for the Australian business and an important step forward in delivering the Hydrodec strategy. The move will create a more resilient commercial platform for Hydrodec in Australia as well as benefit from a constructive relationship with our new operating partner. We now look forward to start up in Canton to complete the repositioning of our transformer oil business," said Chief Executive Ian Smale.
Shares in HydroDec were up 4.4% to 8.35 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
HYR.L