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LONDON - Sabien Technology Group Plc (AIM:SNT) announced Thursday that its business partner City Oil Field (COF) of Korea has obtained three major certifications for its plastic waste recycling facility, marking a significant step toward implementing similar technology in the UK and US markets.
The certifications, including ISCC PLUS international certification, process safety management audit, and Korea Testing Laboratory inspection, allow COF to begin operations at its Wave Jeongeup facility in North Jeolla Province, Korea this month. The plant can process over 7,000 tons of plastic waste annually into circular plastic oil.
Sabien previously disclosed a sales agency agreement with COF to sell its Regenerated Green Oil plant technology in the UK and parts of the US, with potential revenue of $1.2 million per module installed. The company has also signed a memorandum of understanding and supply contract with COF and its affiliate b.grn Group Limited to build similar facilities, valid until June 2027.
Additionally, COF secured investment from PEDCO of Saudi Arabia and the United Arab Emirates, with an initial funding of $1 million and more to follow. PEDCO has valued COF at approximately 100 billion won ($72.2 million).
"We congratulate COF on these momentous announcements. It marks a critical milestone in unlocking the commercial potential of the COF technology in our targeted UK and US markets," said Richard Parris, Executive Chairman of Sabien.
Sabien is currently negotiating for a site in the UK Midlands and has signed a letter of intent to lease land in Phoenix, Arizona for its first US-based facility.
The company noted that according to the United Nations, more than 400 million tonnes of plastic are produced annually worldwide, with less than 10 percent being recycled.
This article is based on a press release statement from Sabien Technology Group.
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