Recycler plans $6M plant to turn plastic into oil (Albany, N.Y.)
The owner of a Washington County recycling company plans to invest up to $6 million to start a new business converting plastic into crude oil.
John Aspland, owner of Adirondack Plastics & Recycling Inc. in Argyle, is searching for a 30,000- to 40,000-square-foot building in Warren or Washington County to accommodate SynCrude LLC, his new plastic recycling business.
Aspland plans to purchase recycling equipment that converts plastic into low-sulfur crude oil that could be sold to refineries in New Jersey.
The equipment currently is being tested at Agilyx, a demonstration plant in Oregon.
SynCrude would employ 22 sales, processing and administrative workers.
To run effectively, the plant would need to operate at capacity, processing 40,000 pounds of plastic per day, generating appoximately 120 barrels of light sweet crude oil each day.
The plant expects to recycle household and industrial plastics from New York, New Jersey and New England as well as parts of Pennsylvania and Ohio, Aspland said.
“We expect to be able to sell it into the market at a rolling average price for crude,” he said.
Crude was trading this week for around $82 a barrel.
Aspland is negotiating with a private investment group in Texas that would help finance SynCrude.
Anthony Apollaro of Optimus Capital Advisors near Dallas said his company has advised Aspland in previous projects.
“John has a solid track record,” Apollaro said.
Optimus, which manages investments for high net-worth clients, is considering making an equity investment in SynCrude, Apollaro said.
Read the full story in The Business Review of Albany.
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