PIF-owned recycling subsidiary signs agreement with Sabic for reuse of plastics

SourceThe National
SectorOil & Gas
CountrySaudi Arabia

A recycling subsidiary owned by Saudi Arabia's Public Investment Fund signed an agreement with the region's largest petrochemicals company to set up a venture to use recycled plastic feedstock. The planned scheme with Saudi Basic Industries, also known as Sabic, is the first such project for the Saudi Investment Recycling Company. The agreement between the two companies also includes a feasibility study on building a chemicals recycling plant in Saudi Arabia to convert mixed plastic waste into pyrolysis oil. Also known as bio crude, pyrolysis oil is a synthetic substitute for petroleum and is used in various heating applications.

The agreement reinforces Saudi ...