Suez, LyondellBasell in plastics recycling JV
PARIS (Reuters) — French waste and water group Suez and LyondellBasell Industries NV plan to set up a plastic recycling joint venture in the Netherlands, Suez said in a statement.
Suez and LyondellBasell will each take 50% in Quality Circular Polymer (QCP), a plastics recycling firm based near Maastricht, the Netherlands, which before was held 45% by Suez, 20% by QCP managers and 35% by financial investors. Suez declined to give financial details.
QCP's Sittard-Geleen facility converts consumer waste into 25,000 t of polypropylene (PP) and high-density polyethylene (HDPE) per year and aims to boost that to 35,000 t in 2018, and 50,000 t before 2020.
LyondellBasell will market the plastics while Suez will feed the plant with plastic waste.
Europe produces almost 50 MMt of plastic waste per year, of which only about 7% is made from recycled polymer, the rest from fossil fuels, Suez said.
In nine facilities, Suez turns 400,000 t of plastic waste into 150,000 t of new plastic per year. It aims to process 600,000 t by 2020.
Reporting by Geert De Clercq; Editing by Bate Felix
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