Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, September 09 2021 - 20:00
Petrolube Oil participates in 'Omnipreneurship Award 2021' to promote environmental sustainability
JEDDAH, Saudi Arabia, Sept. 9, 2021 /PRNewswire-AsiaNet/ --

·  The award aims to develop innovative solutions to re-refine used cooking oil 
·  Saudi cooking oil market estimated at 540,000 metric tons annually
·  Competition will run from September 9th to November 30th

Petrolube Oil has successfully qualified to participate in the global 2021 
Omnipreneurship Awards: through its Sustainability Branch Challenge. After a 
tough competition during which several companies pitched their proposals on 
business challenges to which they are seeking an innovative and sustainable 
solution to, Petrolube's proposal won. They are now seeking innovative 
solutions to recycle used cooking oil, turning it into an environmentally 
sustainable and biodegradable lubricant, in line with global standards. 

Petrolube will apply the winning technology to its state-of-the-art re-refining 
process to recycle used oil for use in other industries.  The result will be a 
more environmentally sustainable and cost-effective product.  The award is also 
in line with the Sustainability Goals of Saudi Vision 2030 and Petrolube's own 
sustainability values. 

The competition will open for submissions from 09 September 2021, closing 30 
November 2021. Five finalists will be announced in February 2022 and will each 
receive $20,000. Ultimately, one winner will be awarded $1million and will sign 
a deal with Petrolube to further develop their proposed solution. 

On this occasion, Petrolube CEO Sajid Saeed said, "This award aims to fully 
realize the capacity of oil to be recycled and reused. Oil re-refining is 
environmentally friendly. It also aims to find a constructive use for the 
estimated 540,000 metric tons of cooking oil used in Saudi Arabia every year."

"Petrolube has an unmatched reputation for providing the highest quality 
products and services in the industry and we are therefore very keen, along 
with our partners, to seek innovative technologies in the reuse of oil. The 
challenge also reflects our commitment to the National Transformation Program 
Sustainability Goals in line with Saudi Vision 2030," he added.

Petrolube Oil produces over 250 different lubricant products and exports to 35 
countries in the GCC, Middle East, Africa, and Asia. 

Last year Tanmiah Food Company (TFC) qualified for the 2020 challenge, through 
the same pitching process for the Omnipreneurship Awards. TFC is a leading 
listed Saudi poultry company that sought out solutions from the global 
community for sustainable ways to create value out of waste generated on their 
farms. The competition resulted in a successful approach to waste management 
with the introduction of new technological applications. 

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Source:   Petrolube