Saudi MoU Seeks to Boost Circular Economy

SourceAsharq AL-awsat
SectorOil & Gas
CountrySaudi Arabia

The Saudi Basic Industries Corporation (SABIC) - the world’s fourth largest petrochemical firm - signed on Tuesday a memorandum of understanding with the Saudi Investment Recycling Company (SIRC) to assist the latter in setting up the first chemical recycling project to enable the use of recycled plastic feedstock. The memorandum included a feasibility study on building a chemical recycling plant in the Kingdom to convert mixed plastic waste into pyrolysis oil. Yousef Al-Bunyan, SABIC Vice Chairman and CEO, said that the strategic cooperation would enhance the company’s efforts to contribute to achieving the goals of waste management in the Kingdom, in line with Saudi Vision 2030. For his part, Eng. Ziyad Al-Shiha, CEO of SIRC, said that the new project would boost the Kingdom’s circular economy and seek to reduce global warming emissions, protect the environment and provide a sustainable future. He stressed that cooperation efforts and joint experiences between the two sides would ultimately achieve the success of the project more...