German rerefiner Puraglobe appointed a new CEO, Alois Virag. He replaces the long-serving Andreas Schueppel, who was at the helm for two decades.
Puraglobe operates a refinery at Elsteraue, Germany, where it processes used lubricants into API Group III base oils, and makes synthetic motor oils at its site in Tampa, Floriada. The company is also working on other facilities.
Virag has several decades of experience in refining and petrochemicals in Europe, Asia and the Middle East, including a role in Austria’s OMV gaining a stake in Adnoc Refining and the development of OMV’s ReOil technology. Virag has a notable resumé of growth having substantially increased profitability and integrated petrochemicals at his previous position with Nayara.
“Dr. Virag will bring his exceptional leadership skills to drive our global expansion into North America and Asia with strategic partners, all while ensuring we maintain our top-tier product quality and operational performance,” said Peter Saldarriaga, managing director of Ara Partners, a key investor in Puraglobe.
Ara Partners, a private equity firm focused on decarbonization, and Junction Capital Partners, which invests in industrial projects, are the main stakeholders in Puraglobe.