Oriental Bank grants $1.5M in financing to Olein Refinery
(Standing) Carlos Lamoutte, attorney at Ferraiuoli LLC; Rodolfo A. Rivera-Herrera, Corporate Banking officer at Oriental and Pedro J. Perez, small and mid-sized businesses financial officer. (Seated) Virginia Mirandes; Jorge González, president of Olein Recovery, and José Román, vice president of Middle Market Banking.
Oriental Bank recently granted three credit facilities totaling $1.5 million to Olein Refinery, which it will use to convert power generation at its Cristal products manufacturing plant and oil recycling operation into an environmentally friendly system.
Olein Recovery is a refinery for recycling and refining of used motor oil located in Yabucoa. Construction began in 2004 and its operations kicked off in 2006, using the latest and most advanced technology. It is one of only seven motor oil recycling plants in the Caribbean and Central America. In addition, it exports its products to more than 30 countries.
“In Oriental we offer our customers solutions to meet their financial needs and contribute to the economic development of their businesses. We seek to be a strategic partner in our customers’ decision-making process, provide them with the tools they need, give them the best service, so they trust us,” said José Román, vice president of Middle Market Banking.
Oriental Bank is a subsidiary of OFG Bancorp.
