Directa Plus PLC (LON:DCTA) said it has had its hydrocarbon sludge processing contract with OMV Petrom extended and increased.
The contract, which was initially awarded in July 2019, was for the provision of decontamination and oil recovery services using the company's proprietary Grafysorber technology.
WATCH 2019’s interview with CEO Giulio Cesareo about the initial OMV Petrom
The AIM-listed producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets said the value of the contract has now increased to €410,000 from €150,000 (of which, €75,000 was delivered and invoiced in 2020) originally. The balance of the contract is expected to be fulfilled by June 2021.
Directa Plus said the project was paused in 2020 as a result of the coronavirus pandemic but resumed in November 2020. As of January, the treatment capacity has been increased to 2,000 cubic meters of emulsion per month. The extension has been agreed on the basis of the positive results to date of the Grafysorber technology.
"This extension to our contract is a further demonstration of the potential of Directa's technology to capture decontamination and recovery business from the oil and gas industry worldwide. The OMV Petrom contract gives us an important reference project to help with the further roll-out of Setcar's services based on our patented Grafysorber graphene-based technology," said Giulio Cesareo, the founder and chief executive officer of Directa Plus in a statement.