LyondellBasell announced the opening of the plastics recycling joint venture (JV) in Zhaoqing, Guangdong Province in Southern China with Genox Recycling (Genox). The plastic recycling plant will use mechanical recycling technology to recycle plastic waste and produce new polymers, adding to the LyondellBasell CirculenRecover product portfolio. The JV will operate under the name Guangdong Genox LyondellBasell New Material Co., Ltd.
“Today’s announcement demonstrates our progress on recycling investments. This joint venture is linked to LYB’s commitment to support a circular economy for plastics and is part of our strategy to expand our circular polymer offering in China,” said Yvonne van der Laan, LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. Laan added, “This partnership with Genox enables us to create local recycling solutions for customers and brand owners in China in support of their ambitious targets”.
“Today we celebrate the opening of our pioneering joint venture facility with valued partners, customers, employees and local stakeholders.” said Allen Yu, LyondellBasell Senior Vice President, Asia Pacific. Yu added, “The JV opening demonstrates our determination to support the growth of our customers in the region by driving sustainable solutions together with our partners”.
“This new JV is an execution of LyondellBasell’s strategy of building a strong and profitable Circular and Low Carbon Solutions business in Asia”, said Limin Fu, Vice President of LyondellBasell China’s Joint Venture Management and Polyolefins, Chairman of Guangdong Genox LyondellBasell New Material Co., Ltd., Fu added, “The JV combines the strengths of both shareholders to deliver the result we see today. This includes partnering with Genox through an off-take business, developing innovative products to meet customer’s needs, growing our capability into the entire plastics recycling value chain. This new joint venture will help develop the local plastics recycling infrastructure in China and contribute to a circular economy”.
“Genox is constantly exploring the industry value chain, and we are delighted to partner with LyondellBasell so we can leverage our advantages to lead the development of plastics recycling,” said Jingfa Jiang, Chairman of Genox Recycling. Jiang added, “Together we can accelerate a circular and low-carbon future”. As per the press LyondellBasell is also dedicated to educating, training and preparing tomorrow’s workforce to be future leaders in the industry.
