MOSCOW (MRC) -- Chevron Phillips Chemical (CPChem) is investing in Infinity Recycling’s circular plastics fund, said Hydrocarbonprocessing.
The fund, registered in Luxembourg, will invest in advanced recycling businesses, which convert plastic waste back into virgin grade feedstock for the manufacturing of new products, focusing first in Europe with the ambition to expand globally.
Recycling plastic waste enables valuable materials to be reused instead of ending up in a landfill or unintended places in the environment. Recycling is an important part of the solution to create a circular economy for plastics, together with design for circularity, collecting and sorting infrastructures, consumer engagement and guiding policies. Collaboration across the entire value chain is needed to solve the plastic waste challenge.
Infinity Recycling’s circular plastics fund aims to accelerate the transition from a linear to a circular plastic economy by investing in advanced recycling technologies. Complementary to mechanical recycling, advanced recycling technologies are expected to play a key role in increasing recycling rates needed for the development of a sustainable, circular economy for plastics.
Benny Mermans, vice president of sustainability at CPChem said: “Our company is committed to ensuring plastics continue to deliver much needed societal benefits while also producing our life-enriching products sustainably, leaving behind the lightest footprint and enabling others to do so as well. Plastic waste is a valuable resource and keeping it in the loop as long as possible will contribute to the creation of a circular economy for plastics. Through this investment in Infinity Recycling’s fund, our company aims to accelerate the development of the most promising advanced recycling technologies, bridge gaps in the value chain and prove the complementarity of mechanical and advanced recycling, all important steps to accelerate change for a sustainable future."
As per MRC, Chevron Phillips Chemical announced today plans to expand its propylene business with a final investment decision for a new C3 splitter unit. The unit’s location will be in Baytown, Texas, within the company’s Cedar Bayou facility. Its expected capacity is 1 billion lbs./year with targeted start up in 2023. The company chose S&B Engineers and Constructors to engineer, procure and build the project. Site construction activities will commence in January 2022.
As MRC informed previously, in March 2018, Chevron Phillips Chemical, part of Chevron Corp, successfully introduced feedstock and commenced operations of a new ethane cracker at its Cedar Bayou facility in Baytown, Texas. At peak production, the unit will produce 1.5 million metric tons/3.3 billion lbs. per year. This unit is one of the largest and most energy efficient crackers in the world. In September 2017, the company announced the successful commissioning and start-up of two new Marlex polyethylene (PE) units in Old Ocean, Texas, based on the company’s proprietary MarTech technologies. Together, these assets form the bulk of the company’s US Gulf Coast Petrochemicals Project (USGCPP), which was first announced in 2011.
Headquartered in San Ramon, California, Chevron Corporation is the the second-largest integrated energy company in the United States and among the largest corporations in the world. Chevron is involved in upstream activities including exploration and production, downstream activities including refining, marketing and transportation, and advanced energy technology. Chevron is also invested in power generation and gasification processes.
MRC