- Oil re-refining group Hydrodec Group said it had sold its Australian plant and equipment to Greenbottle for a net A$1.7m, and agreed to licence 'certain other rights' of the assets.

The sale followed a strategic review carried out last year, with the company deciding that shareholder equity was better invested behind the US growth plans and therefore initiating a formal process to sell its Australian assets and business.

Under the terms of the deal, the company said it expected to receive a net figure of A$1.7m after estimated decommissioning and transportation costs; and had the right to receive a royalty from Greenbottle, for an initial period of 8 years calculated at 5% of revenues derived.

The royalty fee was subject to a minimum charge in year 4 of A$30,000 rising to A$150,000 in year 8, the company said.

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