MOSCOW (MRC) -- Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company, announced the official opening of its PETValue bottle-to-bottle recycling plant in the Philippines, in partnership with Coca-Cola Beverages Philippines—the bottling arm of Coca-Cola in the country, said the company.
The plant is IVL’s latest recycled PET facility as the global integrated petrochemicals company builds on its position as the world’s largest producer of recycled resin used in plastic beverage bottles.
PETValue Philippines, located in General Trias in Cavite Province south of Manila, is the country’s first food-grade, bottle-to-bottle recycling facility, and the largest in the Philippines. It was built by IVL in partnership with Coca-Cola Beverages Philippines, Inc. in accord with The Coca-Cola Company’s ‘World Without Waste’ program to collect and recycle the equivalent of every bottle it sells by 2030. As a result of the joint venture with Coca-Cola, IVL will recycle about 2 billion additional used PET (polyethylene terephthalate) plastic bottles in the Philippines every year and create about 200 new local jobs. The plant will wash and shred post-consumer bottles into flakes to produce recycled PET resin that is suitable for use in food-contact applications.
Managed under IVL’s regional business lead for Recycling Vertical Mr. Anivesh Tewari, PETValue brings together an experienced leadership team led by Site Manager Mr. Joel Potian, who has nearly three decades of manufacturing and chemical engineering expertise in the Philippines and Korea. He is supported by Mr. Aris Castillo as Chief Financial Officer, formerly from Coca-Cola Beverages Philippines with more than 10 years in supply chain finance and manufacturing.
IVL has already surpassed the half-way milestone towards meeting its 2025 target of increasing its recycling capacity to 750,000 tons per year. The company is investing US$1.5 billion globally to expand recycling facilities and sustainable production, including a new ambition to reach post-consumer PET bale input of 1,500,000 tons per year by 2030.
PETValue will introduce the most advanced technology and infrastructure in the Philippines, helping to improve collection and recycling rates and prevent leakage into waterways. The new plant will encourage a more robust waste value chain to help address the growing post-consumer waste management problem in the Philippines. The unique PET plastic used in soft drinks and water bottles is 100% recyclable and the most collected plastic packaging in the world. Global brands including Coca-Cola are using more recycled plastic in their bottles to close the loop and deliver a circular economy.
We remind, Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company, announced its commitment to science-based targets by the Science Based Targets initiative (SBTi) to help drive its ambitious sustainability programs. The company will also participate in the SBTi Expert Advisory Group for the chemicals industry.
Indorama Ventures Public Company Limited, listed in Thailand, is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Europe, Africa, Americas, and Asia Pacific. The company’s portfolio comprises Combined PET, Integrated Oxides and Derivatives, and Fibers. Indorama Ventures products serve major FMCG and automotive sectors, i.e., beverages, hygiene, personal care, tire, and safety segments. Indorama Ventures has more than 26,000 employees worldwide and consolidated revenue of USD14.6 billion in 2021. The Company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).