LyondellBasell Industries NV LYB said it is planning to build the company's first industrial-scale catalytic advanced recycling demonstration plant at its Wesseling, Germany, site.
With LyondellBasell's proprietary MoReTec technology, the proposed plant will be the first commercial scale, single-train advanced recycling plant to convert post-consumer plastic waste into feedstock.
The MoReTec technology produces pyrolysis oil and pyrolysis gas. Pyrolysis oil is a substitute for fossil-based materials used in polymer production.
The feedstock will be used to produce new plastic materials that can be ran at net zero GHG emissions.
The new plant is expected to have an annual capacity of 50,000 tonnes per year and the construction is planned to be completed by the end of 2025.
"Scaling up our catalytic advanced recycling technology will allow us to return larger volumes of plastic waste back into the value chain," said CEO Peter Vanacker.
Price Action: LYB shares closed higher by 1.04% at $97.23 on Friday.
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