Chemical firm Sabic recently signed a Memorandum of Understanding (MoU) with Saudi Investment Recycling Company (SIRC), a wholly owned subsidiary of Saudi Public Investment Fund (PIF), to help SIRC set up its first chemical recycling project to enable the use of recycled plastic feedstock. It also proposed a feasibility study on building a chemical recycling plant in the country to convert mixed plastic waste (MPW) into pyrolysis oil.
“This strategic collaboration will help us in our efforts to contribute to fulfilling the Kingdom’s waste management objectives aligned with Saudi Vision 2030,” said Yousef Al-Benyan, Sabic Vice Chairman/CEO.
The Public Investment Fund (PIF) owned SIRC aims to use mixed plastic waste collected from Materials Recovery Facility (MRF) to be used as feedstock to be converted into Pyrolysis oil.
“The initiative will play a vital role in contributing to the Circular Economy of Saudi Arabia, reducing the greenhouse emissions, protecting the environment and creating a sustainable future in Saudi Arabia. We see the right synergy and expertise between SIRC and SABIC to make this massive project a resounding success and a role model initiative in the Middle East,” said Ziyad Al Shiha, Chief Executive Officer of Saudi Investment Recycling Corporation.
According to the MoU, SIRC will source, collect, sort and supply the feedstock for the chemical recycling facility from the municipal solid waste.
Both SIRC and Sabic will assess project feasibility study and the proposed collaboration, as part of the MoU, beside jobs creation.
The MoU is aligned with Sabic’s Trucircle initiative as part of its vision of a circular economy.
The Trucircle umbrella covers certified circular products, made through feedstock recycling of difficult to recycle plastic waste; certified renewable products from second-generation bio-based feedstock; mechanically recycled products to improve recyclability and end-use properties; and design for recyclability for products that have better recyclability characteristics.
The portfolio has applications in key end markets such as packaging, electrical & electronics, transportation, construction and healthcare/medical devices.