Oriental Bank grants $1.5M in financing to Olein Refinery
August 26, 201601457
(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.
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.