According to a recent article from Afrik 21, French companies Ecoslops and Parlym have just signed a partnership to develop new waste-friendly initiatives in Africa. Over next few years, they seek to invest in the recycling of used engine oil in at least 25 countries throughout the continent.
Ecoslops (est. 2009) is ‘‘the cleantech that brings oil into the circular economy through an innovative technology allowing to produce fuel and light bitumen from oil waste’’.
Similarly, Parlym (est. 1971) is ‘‘bringing together the expertise and convictions of its employees [to carry] out energy infrastructure projects for its clients in the nuclear, oil & gas and renewable energy sectors’’.
Impressively, these two companies are demonstrating the benefits of a green, circular economy by attracting new investors to the African continent. By entering into the partnership, they aim to co-invest in the recycling of used engine oil on the African continent. Under this framework , the two French companies will form a joint structure owned 80% by Parlym and 20% by Ecoslops.
This special purpose vehicle will invest “in a majority way” in projects financed by both companies. Afrik 21 notes that ‘‘the partnership is off to a fast start with the acquisition of a minority stake in Valtech Energy, a subsidiary of the Société Camerounaise d’Intermédiation et de Negoce (SCIN) based in Douala, Cameroon, and specializing in oil waste management. The Valtech team is already in contact with Ecoslops.
The companies have collaborated for the delivery of a Scarabox® system in the port area of Kribi where Valtech has installed a unit dedicated to the reception of maritime oil waste. Developed by Ecoslops, Scarabox® is a containerized unit for the treatment of hydrocarbon residues, including marine and land-based petroleum waste and used engine oil. These liquid wastes are recycled into fuels and light bitumen for use in pavement rehabilitation’’.
As part of their partnership, Ecoslops and Parlym plan to make a second investment before the end of 2023 in Ivory Coast, “as soon as the regulatory authorizations have been granted”.
“Through this new partnership, we are bringing a new solution for a virtuous and circular economy to the African territory. We are delighted to be able to rely on Ecoslops to reduce our environmental footprint. This is perfectly in line with the energy transition objectives we have set for ourselves by 2027,” explains Johann Charrier, Parlym’s Chairman and CEO.
The joint venture will make investments in at least 25 African countries by partnering with producers and collectors of hydrocarbon residues to set up and finance projects to implement the Scarabox® solution.
Ecoslops and Parlym are investing in a market where environmental protection from waste oil pollution is paramount. According to the research firm Mordor Intelligence, the African market for motor oil is expected to reach 1.24 billion liters by 2026. Hence, systems and equipment must be implemented for this oil waste management.
Are you an entrepreneur, a start-up or a SME with the goal to start up between or in Africa and Germany? Then our team will happily assist you on the legal side! We are specialized both in supporting multicultural businesses in Germany, in supporting African businesses in Germany and in supporting businesses across various African jurisdictions. While our support starts with providing help on immigration and relocation matters, it does not stop there – taxes, tech, intellectual property…You heard us! Contact us today to find out more!
Sources: Jean Marie Takouleu (Afrik21.Africa), En.parlym.com, Ecoslops.com.