Tampa - The Tampa Port Authority and NexLube Tampa, LLC, a firm that will invest $75-80 million to develop and construct a recycling facility at the port, have signed a 20-year lease agreement.
The recycling facility, which will be located on 12 acres, is capable of processing up to 24 million gallons of used oil per year and will be the first of its kind in Florida, port officials said.
The lease was signed in a brief ceremony Wednesday, at the port authority’s headquarters, in Tampa, by Richard Wainio, port director and chief executive, and Monte Bell, president of NexLube LLC.
The NexLube project is expected to create hundreds of jobs during the two-year construction phase and provide 75 direct and indirect jobs over the duration of the 20-year agreement, with an additional 10 years in options, port officials said.
Recycled oil will be used to produce lubricants, diesel and asphalt. In addition, oil from automobile oil changes will be reprocessed for use as motor oil that is equal or superior to retail motor oil.
“We are extremely pleased to partner with NexLube Tampa, on this amazing project and eager to see their business succeed. We thank the many partners who helped make this day possible,” Wainio said.