For Green Oil and Lubes SRL, it was good news this week after the Banca Comerciala Romana (BCR) decided, together with the EBRD, to provide a $38.7 million loan. As part of a $56 million investment, the Romanian company has decided to build a large recycling facility in south Romania  (Oltenita). As a 73,000 metric tonne facility, it’ll handle waste lubricants mainly to convert them into oils for the industrial and automotive industries.

After setting aside $26 million of their own money, the rest will come from the EBRD and BCR. Within the agreement, $30 million will go towards the facility while the remaining $8.7 million will be invested in working capital and recoverable VAT.

Currently, there is lots of talk surrounding sustainability and creating a ‘green’ future so this investment directly addresses the concerns. In Romania, improvement is needed in recycling and resource efficiency. With every litre of lubricant oil, around half is wasted and not all of this waste is being collected currently. If you’ve used it to produce heat, you’ll know it produces substantial emissions so we really need to collect all leftovers so it can be reused rather than letting it go to waste.

With this new recycling facility, the company actually plan to collect a huge percentage of the country’s recyclable waste oil before then transforming it into a saleable product. Once everything is ready, the plant will create 70 jobs while teaching important skills for all employees.