MRC) -- Vitol has entered into a strategic partnership with Danish company WPU, which recycles waste plastic into plastic oils, said Hydrocarbonprocessing.
Vitol will offtake and market the recycled plastic oils generated by WPU’s new pyrolysis plant in Faarevejle in Odsherred Municipality north of Copenhagen, which is expected to open in early 2023, with an additional two plants to be opened by Q3 2023. The combined capacity of these plants will be 160,000 metric tpy of waste plastic.
Plastic can be recycled mechanically up to 6-7 times. At this point, the building blocks in the plastic are so damaged that they need to be incinerated or deposited in landfill. However, through pyrolysis WPU can now convert obsolete plastic into new products. The transformation from waste to sustainable energy is based on a technology called pyrolysis that processes the plastic at high temperatures. The plastic oils can be used in the production of new plastic products or as recycled carbon fuels.
Chris Bake, head of origination, Vitol said, “Each year over 17 MMt of waste plastic is generated in the EU, recycling plastics locally minimizes transport emissions and supports European chemicals businesses. We intend to be an integral part of Europe’s circular economy and are delighted to be taking this important step with WPU."
Niels Stielund, Chairman of the Board at WPU said, “The strategic partnership with Vitol enables WPU to continue a strong future production line. We could not have wished for a better partnership. Vitol, with its deep knowledge of the global energy markets and sustainable fuels, is in a perfect position to support us in our further development and expansion."
As per MRC, Phillips 66, Uniper and Vitol-owned VPI Immingham have signed a Memorandum of Understanding to install post-combustion CO2 capture equipment on two of VPI Immingham's three gas-fired power generators and selected processing units at the Humber and Lindsay refineries. Blue hydrogen is produced from natural gas with the addition of carbon capture. Green hydrogen is produced via electrolysis using renewable electricity to split water into hydrogen and oxygen.
We remind, Unipec and Vitol have won a tender to supply Bangladesh Petroleum Corp (BPC) with up to 1.06 million tons of oil products in the first half of 2020 after placing the lowest offers. State-owned BPC is seeking 760,000-880,000 tons of gasoil with a sulfur content of 500 parts per million, 110,000 tons of jet fuel, 40,000 tons of 180-centistoke high-sulfur fuel oil and 30,000 tons of 95-octane gasoline.
mrchub.com