MOSCOW (MRC) -- LyondellBasell announced its investment in a circular plastics fund led by global venture fund Infinity Recycling, according to Hydrocarbonprocessing.
This investment expands the company’s venture capital activities to help eliminate plastic waste in the environment and advance the circular economy.
“By investing catalytic capital in funds such as Infinity Recycling’s venture fund, we promote the collaboration required to propel a circular economy for plastics forward,” said Yvonne Van Der Laan, Director of olefins and optimization at LyondellBasell. “We aim to help catalyze an additional five dollars from co-investors for every dollar we invest in venture funds focused on the recovery and recycling of plastic waste.”
With LyondellBasell’s investment, the fund will support early-stage companies deploying and developing advanced recycling technologies with a focus on bringing these technologies to scale in Europe.
In 2021, LyondellBasell was also a founding investor in Closed Loop Circular Plastics Fund, which is focused on accelerating infrastructure development and advanced technologies needed to increase the recovery of plastic waste in North America.
These investments align with LyondellBasell’s systemic approach to help end plastic waste in the environment and promote a circular, low-carbon economy. The company is focusing on mechanical recycling, advanced (molecular) recycling and the use of renewable-based feedstocks in its conventional production processes and aims to produce and market 2 MM metric t of recycled and renewable-based polymers annually by 2030.
As MRC wrote earlier, in July, 2021, Neste and LyondellBasell announced a long-term commercial agreement under which LyondellBasell will source Neste RE, a feedstock from Neste that has been produced from 100% renewable feedstock from bio-based sources, such as waste and residue oils and fats. This feedstock will be processed through the cracker at LyondellBasell’s Wesseling, Germany, plant into polymers and sold under the CirculenRenew brand name.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its 13,000 employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies.