LyondellBasell Industries N.V. (Rotterdam, the Netherlands) and Genox Recycling jointly announce they have signed a memorandum of understanding (MoU) to establish a joint venture (JV) to build a plastics recycling plant in Zhaoqing, Guangdong Province with a planned start up in 2023. The plastic recycling plant will use mechanical recycling technology to recycle post-consumer plastic waste and produce new polymers sold under the LyondellBasell CirculenRecover product portfolio. This JV aims to reduce the amount of plastic waste sent to landfills, incinerators or the environment, support the growing demand for circular and sustainable solutions and promote high-quality development of local recycling.
“Advancing a circular economy that enables plastic waste to be transformed into more sustainable solutions for our customers is important to us, and we are pleased to collaborate with Genox Recycling to make this happen,” said Limin Fu, vice president of LyondellBasell China Polyolefins. “This new joint venture will help develop the local plastics recycling infrastructure in China and is an important milestone for LyondellBasell to contribute to its goal to produce and market two million metric tons of recycled and renewable-based polymers annually by 2030.”
“Genox Recycling believes that innovation and collaboration are necessary ways to achieve carbon neutrality,” said Jingfa Jiang, chairman of Genox Recycling. “We are delighted to join hands with LyondellBasell to lead the development of plastics recycling with a complementary mix of strengths from both parties and accelerate a circular and low-carbon future together.”
This partnership is one of the recent initiatives LyondellBasell is taking to expand its recycling capacity globally. LyondellBasell will continue to work with partners along the value chain to enhance its local capabilities to supply circular solutions in China and contribute to the development of local circular economies.