The European Bank for Reconstruction and Development (EBRD) and local lender BCR have extended a USD 38.7 mln loan to local firm Green Oil & Lubes for building a waste-oil recycling plant in Oltenita, Calarasi county. The total investment amounts to USD 56 million.

The plant will have a processing capacity of 73,000 tons per year. It will regenerate used lubricant oils and turn them into base oils for sale and reuse in the automotive and other industrial sectors.

Green Oil & Lubes is part of a group of companies set up by Indian engineer and investor Mazarali Kamumiya Saiyed. The group of companies will contribute to the investment program by USD 26 million, while the remaining USD 30 million will be secured by investment long term loan equally granted by the EBRD and BCR.

Under the same financial agreement, BCR has also approved a USD 8.7 million financing line for work capital needs. The plant will create about 70 new jobs.

editor@romania-insider.com