EMEA News
Ecoslops Aims to Up Production to 25,000 Tonnes at Sines Plant in 2017
France-based Ecoslops today, in its annual consolidated results for the period ending December 2016, says it intends to accelerate production at its plant in Sines, Portugal over the course of 2017 to reach nearly 25,000 tonnes, or 85 percent of full capacity.
"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," said Vincent Favier, Chairman and CEO of Ecoslops.
"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."
Ecoslops reports that its audited consolidated sales reached €4.2 million ($4.48 million) in 2016, up from €2.3 million ($2.45 million) in 2015, an increase that it attributes to a "strong ramp up" of the company's micro-refining core activity, as well as the sale of refined products, which represented €2.2 million ($2.34 million) in 2016, up from €0.3 million ($0.32 million) in 2015.
The company says that, as of December 31, its cash position had reached €4.3 million ($4.58 million), an increase from €3.6 million ($3.84 million) at end of June 2016.
Ecoslops says it treated more than 17,000 tonnes in 2016, including 6,000 tonnes and 11,000 tonnes in the first and second quarters, respectively.
"In the current petrol price environment, Ecoslops confirms that its business model is highly profitable and that, as early as 2017, the Port of Sines industrial unit should generate its first operating profit," concluded the company.
In September, Ecoslops announced that it had signed of a memorandum of understanding (MoU) with Total S.A. (Total), intended to see the two companies partner to develop a new processing unit in La Mède, near Marseilles.
As Ship & Bunker reported in March, Ecoslops signed a letter of intent (LoI) with Egyptian General Petroleum Corporation (EGPC) subsidiary SSCO to jointly examine the feasibility of creating an oil residue collection and recycling plant in the Suez Canal region.
