Puerto Rican oil recycling company, Olein Recovery Corp., announced Tuesday expansion plans that call for a $2 million modernization of its laboratory and production lines, which will add 50 new jobs.
Commonwealth officials were on hand for the announcement by the company that manufactures and distributes products for the care and maintenance of vehicles. It has a manufacturing and motor-oil refining site in Yabucoa. Using modern technology, Olein processes and refines used motor-oil, thereby promoting its reuse as raw material.
“Olein Recovery is committed to move Puerto Rico forward,” said Jorge González-Camp, chief executive officer of Olein. “For that reason, our business model supports other local companies in our supply chain, that provide us products and services for our processes.”
The company is experiencing continuous growth, manufacturing products for Puerto Rico and 20 other markets in the United States, Central America, the Caribbean, South America and Asia. Additionally, Olein manufactures more than 17 products for private labels.
“This expansion has special significance for the Puerto Rico Industrial Development Company as it demonstrates our capabilities to develop a new highly competitive industrial segment, based on sustainable waste management,” said PRIDCO Executive Director Antonio L. Medina-Comas.
“We continue to explore and develop similar initiatives that promote economic development as well as the protection of our natural resources,” he said.
Olein started operations in 2008 with the primary mission of becoming a cutting-edge motor-oil recycling company. It is one of four companies in the world that complete the full cycle of refining lubricants by hydro-processing technology, from initial collection to distribution.
The company currently employs 125 people, out of which 35 are of new creation under the incentives agreement with PRIDCO.
“Olein’s expansion demonstrates the success of our economic development strategy. We need to consolidate our manufacturing industrial footprint, foster the expansion of our production and promote knowledge diversification in order to position Puerto Rico as a competitor in the global economy,” said Gov. Alejandro García-Padilla.
The Department of Economic Development and Commerce, the Economic Development Bank and the Puerto Rico Trade and Export Company have supported Olein’s growth, they said, resulting in an export increase from 22 percent in 2012 to the current 52 percent.
“This is the best example of a Puerto Rican company that identified opportunities to expand, and with the support of the economic development team, was able to increase its exports and contribute to our economic recovery,” Economic Development Secretary Alberto Bacó said.