In an effort to create a circular economy for plastics in Malaysia, Petronas Chemicals Group Bhd `(PetChem) has entered into an agreement with ExxonMobil to assess the potential for large-scale implementation of advanced plastic recycling technology.
The partnership will also evaluate opportunities to support improvements in plastic waste collection and sorting in the country.
Managing director and chief executive officer Mohd Yusri Mohamed Yusof said that the petrochemical arm of Petroliam Nasional Bhd (Petronas) has been continuously exploring and implementing innovative technologies to develop sustainable solutions demanded by its customers.
“This collaboration is yet another significant step towards the transition into a circular economy on the back of increased demand for circular products and signifies our commitment to use recycled raw materials in the chemical industry.”
Additionally, ExxonMobil's vice president of new market development Dave Andrew commented on how advanced recycling plays an important role in meeting the growing demand for circular products, while helping to address the challenge of plastic waste.
“Leveraging new technologies and the expertise of both of our organizations, we hope to accelerate a more circular economy for plastics in the region,” he said.
The company is a founding member of the Alliance to End Plastic Waste, focused on accelerating investment in safe, scalable and economically viable solutions around the world to help address plastic waste in our environment.
It also plans to build about 500,000 tonnes of advanced recycling capacity at its integrated manufacturing facilities around the world by year-end 2026.