UAE group to build oil recycling plant in Romania
$62 million first-of-its-kind recycling factory in Romania will be invested by Sharjah-based group
Engineering and project management company, Chemie-Tech, will invest $62 million (AED226m) in a plant that recycles the oil used in the automotive industry in Oltenita, Romania.
The factory in Romania will have the capacity to recycle 73,000 tonnes of used oil annually.
The plant is the first investment of this kind in Romania, and Central and Eastern Europe, Romania’s Economica reported.
The Sharjah-based group will take a loan of $16.5 million (AED60m) from the European Bank for Reconstruction and Development (EBRD) in order to finance part of the investment.
The project also plans to create a national network for collecting the used oil in the country, which will be processed in the new unit.