1st Aug 2014 09:42
LONDON (Alliance News) - Hydrodec Group PLC Friday said it has signed an engineering and licence agreement and a technical collaboration agreement with California-based Chemical Engineering Partners to plan and develop a UK lubricant oil re-refinery.
The cleantech industrial oil re-refining group said the agreement covers the engineering, planning and development of the lubricant oil re-refinery, which it said has the potential to be operational during 2016.
"We are very confident that in combination we will be able to quickly build market share in lubricant oil re-refining in a way that complements our existing transformer oil business," said Chief Executive Officer Ian Smale in a statement.
Hydrodec said the agreements give it an exclusive UK licence to develop Chemical Engineering Partners' wiped-film evaporation and hydrogenation technology, as well as the basic engineering for a 75 million litre a year capacity lubricant re-refinery.
The company said that using the technology collaboration agreement with Chemical Engineering Partners, they hope to take advantage of future opportunities both in the UK and potentially internationally.
"It is anticipated that this collaboration will enable Hydrodec to accelerate its plans to enter the lubricant oil re-refining market in the UK and, moreover, realise additional value from the waste-oil collection and waste management business of its UK trading arm OSS," it said.
Hydrodec shares were flat Friday morning, trading at 12.25 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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