Shortly after patenting his first ozone generator, Nikola Tesla ( in 1900 ) began marketing an ozonated olive oil to medical doctors. Nikola Tesla created his ozonated oil by bubbling ozone through pure olive oil in the presence of a magnetic field for eight weeks. By 1904, ozonated olive oil, also known as Glycozone, began appearing in medical literature, such as "The Medical Uses of Hydrozone and Glycozone", 9th Edition, by New York Chemist Charles Marchland.
Ozone, as a very reactive gas, is difficult to stablize for long periods of time in a useable form. However, by bubbling ozone through plant oils in an ozone resistant container (such as a glass container), the ozone gas is trapped, and begins to react with the oil.
In essence, what is occurring is a catalytic reaction that actually burns the olive oil. One of the resultant compounds is C10H18O3, with the hydrogen and carbon complex. Some of the terpene gas remains trapped within the oil, and some is released into the environment.
While some people may believe that fully ozonated olive oil is an ozone carrier, the oxygen is actually bound and released as a peroxide ( O-O-H bond ). Ozonated olive oil will hold actual ozone gas for a limited amount of time, but in its "free form" state.
Watch an interesting video about Nicola Tesla's life here