PR91565

JEDDAH, Saudi Arabia, Sept. 9, 2021 /PRNewswire=KYODO JBN/ --

·  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.

Background information:  https://www.omnipreneurshipawards.com

Video -

https://mma.prnewswire.com/media/1611888/Petrolube_Omnipreneurship_Award_2021.mp4

Logo -

https://mma.prnewswire.com/media/1611878/Omnipreneurship_Awards_2021_Logo.jpg

Source:   Petrolube