French oil major Total on Monday (1 April) signed an agreement with Ecoslops S.A., to acquire a 25% interest in its affiliate Ecoslops Provence.
Ecoslops is a cleantech company which offers technology that regenerates oil residues into new fuels and light bitumen.
Ecoslops Provence is building a unit to regenerate oil residues at Total’s La Mède complex. The new facility is scheduled to come on stream in late 2019.
Total is providing Ecoslops Provence with access to existing infrastructure and the services and utilities the unit needs to operate.
“We’re delighted to step up our collaboration with Ecoslops by acquiring an interest in their Provence affiliate,” said François Bourrasse, manager of Total’s La Mède complex.
“The unit being built reinforces the industrial repurposing of our site to future energies, through a circular economy project.”
“Thanks to our partnership with Total, we’ve been able to maximize the synergies between our activities and make our move into the Marseille region much simpler and less expensive,” said Ecoslops Chief Executive Officer Vincent Favier at the signing ceremony.
“Our financial partners and the regional authorities, without which we couldn’t have financed the new unit, are, of course, also responsible for the project’s success.
“Lastly, I’d like to stress that more than 75% of the construction-related contracts, worth €16 million, will be awarded to local or national companies, underscoring French know-how.”
Related: Ecoslops in EUR 18 million financing from European Investment Bank
Related: Ecoslops to start waste oil collection operations at Port Said in 2019
Related: Egypt: Ecoslops starts study on vessel waste oil recovery
Photo credit: Total Media
Published: 2 April, 2019
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