Oil Recycler Receives Tax Abatement from Ohio City

Probex, a Texas-based oil recycling facility is slated to receive a 10-year tax abatement from the Wellsville, Ohio, city council.

According to local press reports, about $36,000 per year for 10 years will be paid by Probex to the village in lieu of payment of taxes, though Mayor Joe LaScola said that the figures are not definite and will have to be accepted by the company.

Both LaScola and council have stressed the importance of the tax abatements, stating that the extra money will help eliminate fiscal emergency status and supply a consistent form of revenue.

Probex is working on building the oil recycling facility in the town. When complete, it will be first for Probex in the country. At the present time the company has received most of the permits needed to build the facility, and is presently involved in obtaining the needed financing to begin operation.

According to a spokesman for the company, Probex hopes to have the financing in place by early next year, with construction expected to begin soon after. Completion of the facility and commercial production should be within two years.

According to the spokesman, when operating at full capacity the facility should be able to handle 4,000 barrels of waste oil a day.