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Ecoslops expects construction of La Mede processing unit to start in 2018

05 Apr 2017 14:38 GMT

Slops specialist also aims to accelerate Sines production and ink three new projects in 2017.



Ecoslops, a technology company that upgrades ship-generated hydrocarbon residues, or 'slops', into new fuels and light bitumen, says it expects construction of a production unit at Total's La Mede refinery in southern France to commence in 2018.

Last September, Ecoslops signed a memorandum of understanding (MoU) with Total to form a partnership to set up an oil residue waste-processing unit at La Mede, with both parties agreeing to conduct a detailed study and research with regards to a final investment decision in 2017.

In an update on developments on Wednesday, chairman and CEO of Ecoslops, Vincent Favier, said: "Our project with Total is progressing according to plan," with the company adding that "a combined project team has been created which will enable the two companies to come to a final agreement in April 2017."

"The building of the Marseille unit is expected to start in 2018, after the submission of the building permits and the finalization of detailed studies," Ecoslops added.

Sines and Suez

Ecoslops says it also aims to continue increasing production at its plant at Sines, Portugal, after completing its first full year of operation in 2016.

"2016 has been the first full year of operation for our plant at Sines, Portugal. We have already reached more than 50 percent of the full capacity of the plant, with a strong acceleration between the first and the second semesters. We have also agreed several contracts with first-class international customers regarding the sale of each of our products. Encouraged by these technical and commercial successes, we will again accelerate over the course of 2017 to reach close to 25,000 tonnes - 85% of full capacity," Favier noted.

Referring to the company's other project - a letter of intent (LOI) with Egyptian General Petroleum Corporation (EGPC), through one of its subsidiaries, SSCO, to jointly explore the feasibility of creating an oil residue collection and recycling plant in the Suez Canal region, which was announced last month, Ecoslops said: "The agreement announced recently with the Egyptian General Petroleum Corporation (EGPC) for the Suez Canal region, are being developed. This reflects the fact that our innovative approach is addressing perfectly the strong demand for a sustainable and economic treatment of these residues."

Annual results approved

Ecoslops also announced that its annual consolidated results were reviewed and approved by the board of directors on 4th April 2017.

Revenue for the year increased by EUR 1.9 million, or 82.6 percent, to EUR 4.2 million. Back in February, Ecoslops had reported an unaudited consolidated revenue of EUR 4.3 million.

The increase was said to be due to a rise in the company's core business of micro-refining and sales of refined products, which amounted to EUR 2.2 million, compared to EUR 0.3 million in 2015.

The net result for 2016 was a loss EUR 3.4 million, compared to a loss of EUR 5.8 million the previous year, representing an improvement of EUR 2.4 million.

As of 31st December, the cash position was EUR 4.3 million compared to EUR 3.6 million at the end of June 2016.

Production increase and revenue generation

The industrial unit at Sines progressively increased in power, and processed more than 17,000 tons of slops during the course of 2016, of which 6,000 tons were processed in the first half of the year, and 11,000 tons in the second half.

Ecsolops said the industrial unit has shown that it is able to reach an annual capacity of 30,000 tons and that the transformation ratio of waste products is maintaining a rate of 98 percent. Also, Ecoslops said the plant demonstrated in 2016 that it was capable of treating "every type of waste product", including those at low and high flash points.

The rise in industrial production was accompanied by the signing of commercial contacts with various clients. Ecoslops inked an exclusivity agreement with Soprema for the supply of light bitumen (XFO); fuel oil (IFO) is being sold to industrial customers and Energias de Portugal (EDP); and the gas oil is being sold to international clients.

Outlook

In its outlook for the future, Ecoslops said it expects the Port of Sines industrial unit to generate its first operating profit in 2017.

The developments of other projects, particularly in northern Europe, was said to be "progressing well".

The company also confirmed its objective to sign a total of three new projects before the end of 2017, including La Mede.




Related Links:

Ecoslops in Suez plant study, investment tie-up
Ecoslops announces 'key successes' as revenue jumps EUR 2m in 2016
Ecoslops' solution for sustainable slops disposal
Ecoslops appoints new chairman
France

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