Plastic Recycling MoU for UK Based Technology Developer : PETRONAS Deal for Plastic Energy’s Chemical Recycling Tech in Malaysia
The petrochemical arm of Malaysian oil and gas firm PETRONAS - PETRONAS Chemicals Group (PCG) - has signed a Memorandum of Understanding (MoU) with PLASTIC ENERGY Ltd, a UK based chemical recycling company, to collaborate in addressing plastic waste that cannot be recycled by conventional means in Malaysia.
The two firms will jointly perform a feasibility study to establish a facility to convert plastic waste into TACOIL, PLASTIC ENERGY’s feedstock which it said it can use to create virgin-quality plastics from low quality, recycled mixed plastic waste otherwise destined for incineration or landfill.
Depending on the outcome of the study, PCG and PLASTIC ENERGY may consider building a commercial plant in Malaysia.
The collaboration will enable PCG to utilise TACOIL produced by PLASTIC ENERGY for polymer production in its petrochemical complex in Pengerang Integrated Complex and obtain circular polymer certification from International Sustainability and Carbon Certification (ISCC).
ISCC is a globally applicable certification system that ensures compliance with ecological and social sustainability requirements, greenhouse gas emissions savings and traceability throughout the supply chain.
PLASTIC ENERGY said that it has already established two commercial plants in Seville and Almeria, Spain. Once materialised, PCG will be the first petrochemical company in Southeast Asia to invest in a chemical recycling project which converts mixed plastics waste into virgin quality polymer.
Founder and CEO of PLASTIC ENERGY, Carlos Monreal commented: “Malaysia has shown that it is serious about tackling the challenge of plastics waste. We are excited to be part of the solution, and to collaborate with PCG in changing the paradigm and turning plastics waste into a valuable resource, thereby contributing to the creation of a circular economy.”
PCG Managing Director/Chief Executive Officer Datuk Sazali Hamzah added: “Our partnership with PLASTIC ENERGY is in line with our purpose towards becoming a progressive energy and solutions partner.”
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