Global consulting and engineering company Wood has signed a collaboration agreement with integrated energy, fuels and feedstock, and chemicals and materials company OMV for the commercial licensing of the latter’s innovative plastic recycling technology, ReOil. The agreement will support advancements in chemical-based plastic recycling, helping to build a circular economy solution for end-of-life plastics that would otherwise be sent to landfill or waste incineration.
OMV developed the proprietary ReOil technology to convert plastic waste into pyrolysis oil, a valuable resource primarily used to produce high-performing and sustainable plastics. ReOil offers an innovative solution to support the growth of plastic recycling – it’s estimated that around 60 per cent of plastics production will come from recycled feedstock by 2050.
Under the agreement, Wood and OMV will bring ReOil jointly to the market, combining Wood’s proprietary heater technology with OMV’s chemical recycling process. The companies have established a combined technology and engineering delivery team to support clients with the implementation of ReOil at their sites. In addition, Wood will work with ReOil licensees to provide full asset lifecycle support globally.
‘Building on our excellent long-term relationship with OMV, we are excited to formally partner on the ReOil technology,’ said Craig Shanaghey, Wood’s executive president of projects. ‘ReOil is a proven solution to the complex problem of plastic waste and aligns with Wood’s strategic priorities to design a more sustainable future. We look forward to working with OMV to deploy this technology at scale.’
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A ReOil pilot plant has been operating in the OMV refinery in Schwechat, Austria, since 2018 and has processed end-of-life plastics for more than 22,000 hours to date. A 16,000 tonnes per year ReOil plant is currently in construction at the same site and Wood is working with OMV on the development of an industrial-scale plant with a capacity of 200,000 tonnes per year.