MOSCOW (MRC) -- Six Pines Investments LLC, a wholly-owned, sustainable investment subsidiary of Chevron Phillips Chemical Company LLC (CPChem) has announced its equity investment in two leading circular plastics recyclers, Nexus Circular LLC (Nexus) and Mura Technology Ltd. (Mura), according to Hydrocarbonprocessing.
In October 2020, CPChem announced success in its first commercial scale production of polyethylene (PE) using advanced recycling technology. The company markets its new circular PE under the name Marlex Anew Circular Polyethylene and is working toward an ambitious annual production goal of 1 B pounds of circular PE by 2030.
Mura and Nexus are leading plastics recyclers that convert waste plastics into high quality feedstock used in advanced recycling technologies to produce circular plastics. These strategic investments made from its Six Pines subsidiary reflect CPChem’s commitment to foster innovation and accelerate the transition to a circular economy for plastics.
Benny Mermans, vice president of sustainability at CPChem said, “We are excited about the capabilities and opportunities at Mura and Nexus. We share a common goal to keep plastic waste out of the environment. Waste plastics should not end up in the environment, as they can be sustainably recycled to create new plastics again and again. Investing in Nexus and Mura will accelerate our efforts to produce Marlex Anew Circular Polyethylene and the expansion of our circular product portfolio.”
As MRC reported before, Chevron Phillips Chemical will make a final investment decision on a new cracker in far southeast Texas in 2022, followed by an FID in 2023 on an USD8 billion joint venture petrochemical complex along the US Gulf Coast in 2023, said Phillips 66 CEO Greg Garland in early August.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,047,100 tonnes in the first ten months of 2021, up by 17% year on year. Shipments of all grades of ethylene polymers increased.
CP Chem is a joint venture of Phillips 66 and Chevron.
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.
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