LyondellBasell to invest in plastics recycling company
by ChemOrbis Editorial Team - content@chemorbis.com
According to a press release on the company’s website, LyondellBasell is planning to establish a joint venture with French water and waste management company SUEZ to acquire a 50% share in the Netherlands-based plastics recycling company, Quality Circular Polymers (QCP).
QCP will reportedly have the capacity to convert waste material into 35,000 tons/year of PP and HDPE at its Sittard-Geleen facility in the Netherlands as of 2018. The company also aims to boost its capacity to 50,000 tons/year before 2020.
Accordingly, LyondellBasell is expected to market the plastics and SUEZ will provide plastic waste for the plant. This also marks the first time that a major plastics and chemicals company is partnering with a resource management company, the media reported.
The French company reportedly owns 9 facilities, which are capable of converting 400,000 tons/year plastic waste into 150,000 tons/year new plastics.
The companies did not disclose the financial details regarding the transaction at the time of publication.
QCP will reportedly have the capacity to convert waste material into 35,000 tons/year of PP and HDPE at its Sittard-Geleen facility in the Netherlands as of 2018. The company also aims to boost its capacity to 50,000 tons/year before 2020.
Accordingly, LyondellBasell is expected to market the plastics and SUEZ will provide plastic waste for the plant. This also marks the first time that a major plastics and chemicals company is partnering with a resource management company, the media reported.
The French company reportedly owns 9 facilities, which are capable of converting 400,000 tons/year plastic waste into 150,000 tons/year new plastics.
The companies did not disclose the financial details regarding the transaction at the time of publication.
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