French technology company Ecoslops has unveiled plans to open a new oil residue recycling plant in the Romanian Port of Constanta, on the Black Sea.

As part of the decision, the firm has signed a Letter of Intent (LoI) with Grup Servicii Petroliere (GSP), an offshore drilling and construction company, to study feasibility of the project.

Upon completion of the feasibility study, Ecoslops and GSP will jointly implement the project including the construction and management of the industrial unit.

"The Port of Constanta is ideally located and GSP is the ideal partner to collaborate with on the development of this significant project."

Additionally, the companies will work together on expanding the market for products produced at the unit.

The new plant will facilitate the recycling of maritime transport oil residues such as slops and sludge, into new recycled marine fuels.

The company claims that location of the new plant will enable it to collect maritime transport oil residues from Bulgarian, Turkish, Ukrainian, Russian and Georgian ports.

Ecoslops CEO Vincent Favier said: "The proven operational efficiency of our first industrial plant in the Port of Sinès, which recycles over 98% of slops collected, and the subsequent sale of marine fuel and light bitumen products validate our business model and have given us the confidence and springboard to ramp up our expansion projects.

"The Port of Constanta is ideally located and GSP is the ideal partner to collaborate with on the development of this significant project, given their wealth of industrial experience and in-depth knowledge of the region."

Currently, Ecoslops has another facility in Ivory Coast and in the Port of Sinès, Portugal, where it produces marine fuel products and light bitumen.

The company targets to open three more facilities by 2017 in the Mediterranean and Northern Europe.