PetChem, Exxon in plastics recycling pact
21 Sep 2022
Petronas Chemicals Group Bhd (PetChem) and Exxon Mobil have signed a memorandum of understanding to assess the potential of advanced and large-scale plastic recycling technology, with a view to helping create a circular economy for plastics in Malaysia.
In a joint statement, the companies said they would also evaluate the possibility of supporting improvements to plastic waste collection and sorting in the country.
Managing director and chief executive officer Mohd Yusri said PetChem, which is the petrochemical arm of the national oil and gas company Petroliam Nasional Bhd (PETRONAS), has been exploring and implementing innovative technologies that develop sustainable solutions, demanded by its customers.
“This collaboration is yet another significant step towards the transition to a circular economy and signifies our commitment to using recycled raw materials in the chemical industry,” he said.
PetChem is currently conducting several feasibility studies on plastic recycling.
Meanwhile, Exxon vice-president of new market development, Dave Andrew, said advanced recycling plays an important role in meeting the growing demand for circular products while helping to address the challenge of plastic waste.
“Leveraging new technologies and the expertise of both our organisations, we hope to accelerate a more circular economy for plastics in the region,” he said.
Exxon is a founding member of the Alliance to End Plastic Waste, which is focused on accelerating investment in safe, scalable and economically viable solutions around the world to help address plastic waste.
The company plans to build about 500,000 tonnes of advanced recycling capacity at its integrated manufacturing facilities around the world by year-end 2026.