This study investigates techno-economic aspects of wastepaper recycling to optimize process efficiency and operating cost. The deinking was carried out using pulping followed by froth flotation. The development of a waste management process was achieved employing refinery wastewater to provide chemical reagents in pulping. Ozone was also used as a gas media in flotation to improve brightness and number of ink-spot and to reduce chemical oxygen demand (COD) simultaneously. An enhancement in the brightness was observed from 50.1 to 64.1% ISO that was superior to the brightness of virgin newspaper before printing (61.0% ISO). It was equivalent to a reduction of 55% (from > 100,000 to 45,058) in number of ink-spot. The quality of flotation effluent was assessed by measuring the COD and phthalocyanine concentration. The COD reduction of 67% (from 3250 to 1072 mg/L) and phthalocyanine reduction of 85% (from 2 to 0.3 mg/L) were achieved after 30 min ozonation. According to the obtained results, approximately 67% of the direct (variable) cost reduced while the wastewater was used in pulping because of saving NaOH and water consumption. Associating the refinery and paper recycling wastewater treatment units, while taking into account the environmental and economic benefits of ozone, results in a quality paper and significantly preserves the environment.