26.09.2006, 16:57
Lassila & Tikanoja plc and key persons of GT Trading Oy have established the company L&T Recoil Ltd, a joint venture based on 50/50 ownership. L&T Recoil Ltd will build an oil regeneration plant in the city of Hamina. Total investments will exceed 20 million euro. The plant will be finalised in early 2008, and its annual capacity will amount to 60 000 tons. The plant will employ some 20 persons.
GT’s Kai Löfgren has been appointed managing director and L&T’s Janne Eskola production director of the joint venture.
The regeneration plant will be producing raw material, i.e. base oil for the lubricant industry using different types of waste oils. In addition, as by-products, the process will generate light fuel oil and bitumen. The plant will be using raw material collected in the countries around the Baltic Sea. In Finland, some 30 million tons of suitable raw material are generated annually.
– This will be a significant improvement in waste oil recovery in Finland. The European Union has blamed Finland for its negligible waste oil regeneration. The new plant will be opening doors for the observation student to join the industry forerunners, says L&T’s Jorma Mikkonen, Vice President, Industrial Services.
The waste utilisation hierarchy has been defined in the EU Waste Strategy. Waste oil regeneration is classified as top level utilisation and equals waste reuse.
– Since many years, L&T has been focusing on hazardous waste recovery. Presently, less than 10 per cent of hazardous waste collected by us from our customers ends up to be destroyed at hazardous waste plants. From an L&T point of view, the oil regeneration project is a natural step forward within the waste materials processing chain, says Jorma Mikkonen.
According to Ilkka Kokko, managing director of GT Trading, the joint venture will combine L&T’s environmental management and logistics expertise and GT Trading’s long experience in the international oil trade and oil products refinery.
– The joint venture’s expertise will cover the entire chain from waste oil collection and processing to sale of end products on the international oil market, he concludes.
Additional information:
Jorma Mikkonen, Vice President, Industrial Services, Lassila & Tikanoja,
tel. +358 10 636 2819 or +358 500 453 454
Ilkka Kokko, managing Director, GT Trading Oy, tel. +358 50 562 6760