SEATTLE (Recycling Monster): LyondellBasell announced that it has signed a Memorandum of Understanding (MoU) with Genox Recycling to establish a joint venture to construct a plastics recycling plant in the Chinese Guandong province. The proposed facility is expected to start operations next year.
The plant will employ mechanical recycling technology to recycle post-consumer plastic waste to produce new polymers. Apart from promoting the quality of local recycling, the plant will significantly reduce the amount of plastic waste that ends up in landfills, incinerators and environment.
Commenting on the development, Limin Fu, vice president of LyondellBasell China Polyolefins noted that the new joint venture is an important milestone for the company in its journey to achieve its goal of producing and marketing two million metric tons of recycled and renewable-based polymers per annum by 2030. The joint venture project will help in the development of local plastics recycling infrastructure in China, he added.
The partnership with Genox Recycling is part of its efforts to expand its global recycling capacity. It seeks new partners to enhance its local capabilities, thus contributing to a circular economy.
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