OMV and Wood sign MoU for its proprietary technology
This is aimed at establishing a mutually exclusive collaboration agreement for the commercial licensing of OMV’s proprietary ReOil® technology. The two companies aim to agree on a binding cooperation by mid-2023.
ReOil® is a patented chemical recycling technology developed by OMV, which converts end-of-life plastic waste into pyrolysis oil.
These end-of-life plastics are not suitable to be mechanically recycled and would otherwise be landfilled or sent to waste incineration.
The ReOil® process operates under moderate pressure and normal refinery operating temperatures.
The pyrolysis oil is then primarily used again to produce high-quality, sustainable plastics. OMV was one of the first companies to develop a chemical recycling technology for used plastics more than a decade ago.
A ReOil® pilot plant has been operating in the OMV refinery in Schwechat, Austria, since 2018 and has been processing end-of-life plastics for more than 17,000 hours to date.
In December 2021, OMV took the final investment decision to build a 16,000 t/year ReOil® demo plant at the OMV site in Schwechat, which aims to start operation next year.
The demo plant, like the existing pilot plant, will have International Sustainability and Carbon Certification (ISCC PLUS) ensuring traceability along the supply chain and verification that the value chain meets environmental and social standards.
The demo 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