SABIC studies plastic waste-to-oil plant in Kingdom

SABIC studies plastic waste-to-oil plant in Kingdom

DUBAI: SABIC is looking at converting plastic waste into a form of oil as part of its circular economy push. The Riyadh-headquartered company also plans to establish its first chemical recycling project after signing an initial agreement with Saudi Investment Recycling Company, a unit of the Public Investment Fund. Pyrolysis oil can be used for several purposes including producing heat, cooling and general electricity. "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 and CEO. "This also reinforces the Saudi G20 Presidency's commitment to Circular Carbon Economy (CCE) ensuring a sustainable future focusing on environment, energy and climate," he added. SIRC aims to use mixed plastic waste to be used as feedstock to be converted into pyrolysis oil. The company will source, collect, sort and supply the feedstock for the chemical recycling facility from municipal solid waste. GENEVA: Swiss bank Credit Suisse on Tuesday announced the departure of two top executives and said it expects a one-time charge of 4. 4 billion Swiss francs ($4. 7 billion) in connection with a previously announced default of a US hedge fund on