ROTTERDAM, Netherlands, Oct. 11, 2022 /PRNewswire/ — LyondellBasell and 23 Oaks Investments, Leiferde/Lower Saxony, Germany, signed an settlement to create Source One Plastics, a three way partnership that can construct an vitality environment friendly, superior plastic waste sorting and recycling facility in Germany. Using renewable vitality from wind and biomass, the brand new unit is designed to course of the quantity of plastic packaging waste generated by roughly 1.3 million German residents per 12 months. This waste shouldn’t be recycled immediately and is generally incinerated.
The Source One Plastics facility will produce processed waste that can present a fabric a part of the feedstock for a sophisticated recycling plant that LyondellBasell plans to construct at its Wesseling, Germany, web site. Using LyondellBasell’s proprietary MoReTec expertise, this plant would be the first industrial scale, single-train superior recycling plant, designed to exhibit its functionality for additional scalability. LyondellBasell already operates a semi-industrial scale MoReTec plant at its Ferrara, Italy, web site.
LyondellBasell’s new plant is designed to convert hard-to-recycle post-consumer plastic waste into feedstock for brand new plastic supplies. Once in operation, it should allow recycling of most forms of plastic supplies akin to multi-layered meals packaging objects or blended plastic containers. The closing funding resolution on this venture is scheduled for the approaching months. Both initiatives contribute to LyondellBasell’s sustainability ambition to finish plastic waste within the surroundings.
“We are committed to supporting our customers to meet their demand for renewable and circular solutions,” says Yvonne van der Laan, LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. “To truly achieve a circular economy, we have to find creative solutions to meet society’s needs. We are taking an important first step into the upstream side of the business to secure access to plastic waste that we will convert into new plastic materials at our advanced recycling plants. This will enable us to meet our circularity ambition and produce two million tonnes of polymers from recycled or renewable resources annually by 2030.”
23 Oaks Investments is a strategic answer supplier within the upcycling of post-consumer recycled (PCR) plastic waste with intensive expertise within the plastics trade. The Source One Plastics three way partnership will present a broad portfolio of companies together with waste procurement, sorting, and pre-treatment to ship feedstock appropriate for producing high-quality PCR materials for a variety of functions.
“With our global experience at all levels of the circular economy and our extensive knowledge in all areas of the plastic recycling value chain combined with our strong hands-on approach, we feel we have right mix of competencies to make Source One Plastics a success,” says Kai Hoyer, Managing Partner of 23 Oaks Investment. “Together with LyondellBasell’s commitment to expand on its circular polymer product offering and its work to develop advanced recycling into an industrial scale technology, 23 Oaks can contribute its part to make this a reality.”
In addition to its superior recycling semi-industrial scale plant, LyondellBasell holds a 50% share in Quality Circular Polymers (QCP). QCP makes use of a mechanical recycling course of to produce premium plastic pellets from post-consumer packaging waste to be used in such functions as electrical home equipment, washing detergent bottles and suitcases.
As a frontrunner within the world chemical trade, LyondellBasell strives day-after-day to be the most secure, greatest operated and most valued firm in our trade. The firm’s merchandise, supplies and applied sciences are advancing sustainable options for meals security, entry to clear water, healthcare and gas effectivity in additional than 100 worldwide markets. LyondellBasell locations excessive precedence on range, fairness and inclusion and is Advancing Good with an emphasis on our planet, the communities the place we function and our future workforce. The firm takes nice delight in its world-class expertise and buyer focus. LyondellBasell has stepped up its circularity and local weather ambitions and actions to tackle the worldwide challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as certainly one of FORTUNE Magazine’s “World’s Most Admired Companies” for the fifth consecutive 12 months. For extra info, please go to www.lyondellbasell.com or observe @LyondellBasell on LinkedIn.
23 Oaks Investment GmbH is a holding firm that goals to create the worldwide infrastructure for a closed-loop round economy by monetary and operational investments in sustainable firms within the plastics trade. It invests in resource-saving product growth and within the design and building of revolutionary assortment, sorting, and recycling methods. 23 Oaks combines environmental and financial positive factors within the Circular Economy, offering options for the environmentally and local weather accountable use of plastics. 23 Oaks was based in June 2019 by Kai Hoyer in Leiferde/Lower Saxony, Germany.
The statements on this launch relating to issues that aren’t historic info are forward-looking statements. These forward-looking statements are based mostly upon assumptions of administration of LyondellBasell that are believed to be cheap on the time made and are topic to vital dangers and uncertainties. Actual outcomes might differ materially based mostly on components together with, however not restricted to, our capacity to meet our sustainability objectives, together with the flexibility to enhance manufacturing of recycled and renewable-based polymers; our capacity to procure vitality from renewable sources; potential governmental regulatory actions; and the profitable building and operation of the three way partnership amenities described on this launch. Additional components that would trigger outcomes to differ materially from these described within the forward-looking statements might be discovered within the “Risk Factors” part of our Form 10-Ok for the 12 months ended December 31, 2021, which might be discovered at www.LyondellBasell.com on the Investor Relations web page and on the Securities and Exchange Commission’s web site at www.sec.gov. There isn’t any assurance that any of the actions, occasions or outcomes of the forward-looking statements will happen, or if any of them do, what impression they may have on our outcomes of operations or monetary situation. Forward-looking statements converse solely as of the date they had been made and are based mostly on the estimates and opinions of administration of LyondellBasell on the time the statements are made. LyondellBasell doesn’t assume any obligation to replace forward-looking statements ought to circumstances or administration’s estimates or opinions change, besides as required by legislation.
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