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IVL recycles its 50-Billionth PET bottle, commits USD1.5-Bn to expand recycling

August 14/2020

MOSCOW (MRC) -- Indorama Ventures (IVL) has announced it has recently recycled 50-billion polyethylene terephthalate (PET) bottles since 2011, and has committed up to USD1.5-billion to expand its recycling business with the aim of recycling 50-billion PET bottles a year by 2025, according to Apic-online.

IVL recently entered into an agreement with Coca-Cola to form a new joint venture that will build a greenfield integrated recycling plant near Manila in the Philippines.

The facility will be able to process approximately 30,000 t/y of PET bottles and have an output of 16,000 t/y of recycled PET resin.  The plant is expected to be completed by the end of 2021.

The new joint venture company, PETValue Philippines Corp., will be owned 70% by Indorama Ventures Packaging (Philippines) Corp., an indirect subsidiary of IVL, and 30% by Coca-Cola Philippines.

According to MRC's ScanPlast report, Russia's estimated PET consumption totalled 367,720 tonnes in the first six months of 2020, up by 19% year on year. Russian companies processed 62,910 tonnes of material in June.


mrcplast.com
Author:Margaret Volkova
Tags:PET-granulate, packaging, PET bottles, Indorama Ventures PLC, Coca-Cola, Russia, Thailand, Philippine.
Category:General News
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