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Ecoslops, the first company to develop technology to produce recycled marine fuels from marine oil residues (also known as 'slops'), has announced that it has received an agreement in principle (AIP) from the Port of Abidjan, Ivory Coast, to provide the company with land on which to establish a new oil residue recycling plant in the region.

Commenting on the news, Vincent Favier, CEO of Ecoslops, said: "The authorities within the Ivory Coast, and the Port of Abidjan have shown significant interest in both our unique technology and expertise. With the growth of the port and its position as the gateway to the subcontinent, developing a recycling plant in the region represents the best opportunity for Ecoslops to establish a strong foothold in West Africa. As we look to develop the project, our focus is on establishing strong local partnerships on both an industrial and financial basis to ensure we maximise the value of the opportunity. In conjunction with the recent signing of a letter of intent for the construction of a recycling plant in the Port of Constanta, Romania, this latest development works towards further meeting our objective to have three new projects signed by 2017, as highlighted in our IPO."

Abidjan Port Authority has granted Ecoslops with five hectares of land within the port boundaries. Ecoslops says it will now begin preliminary studies and analysis to evaluate the full financial and technical considerations of the project, and establishing relationships with local partners.

The Ivory Coast project follows the implementation of industrial production at Ecoslops' first plant in the Port of Sinès, Portugal, which recycles over 98 percent of slops collected, as well as the first sale of marine fuel products and light bitumen.

In December 2015, Ecoslops signed a letter of intent to explore the feasibility of creating an oil residue recycling plant in the Romanian Port of Constanta, on the Black Sea.

The company says it is also continuing to pursue discussions with key operators to scope further opportunities in the Mediterranean and Northern Europe.