PARIS, Nov 27 (Reuters) - French waste and water group Suez and LyondellBasell Industries NV plan to set up a plastic recycling joint venture in the Netherlands, Suez said in a statement.
Suez and LyondellBasell will each take 50 percent in Quality Circular Polymer (QCP), a plastics recycling firm based near Maastricht, the Netherlands, which before was held 45 percent by Suez, 20 percent by QCP managers and 35 percent by financial investors. Suez declined to give financial details.
QCP’s Sittard-Geleen facility converts consumer waste into 25,000 tons of polypropylene (PP) and high-density polyethylene (HDPE) per year and aims to boost that to 35,000 tons in 2018, and 50,000 tons before 2020.
LyondellBasell will market the plastics while Suez will feed the plant with plastic waste.
Europe produces almost 50 million tons of plastic waste per year, of which only about seven precent is made from recycled polymer, the rest from fossil fuels, Suez said.
In nine facilities, Suez turns 400,000 tons of plastic waste into 150,000 tons of new plastic per year. It aims to process 600,000 tonnes by 2020. (Reporting by Geert De Clercq; Editing by Bate Felix)