LyondellBasell and Shakti Plastic Industries Sign Memorandum of Understanding to Advance Mechanical Recycling in India

ROTTERDAMNetherlands, October 20, 2022 /CNW/ – LyondellBasell and Shakti Plastic Industries, India’s largest plastic waste recycling and collection company, have signed a memorandum of understanding to form a joint venture to build and operate a mechanical recycling plant fully automated in India. The plant is intended to process post-consumer rigid packaging waste and produce 50,000 tonnes of recycled polyethylene (PE) and polypropylene (PP) per year, equivalent to 12 single-use plastic waste produced, 5 million citizens. The new facility is expected to become the largest mechanical recycling plant in India and start up at the end of 2024. LyondellBasell will market the recycled products produced by this joint venture adding volume to its range Circulate Recover from existing PE and PP materials to help meet the growing demand from converters and brand owners in India for recycled polymer materials.

“The proposed joint venture will enable us to tackle the problem of plastic waste in the world’s second most populous country and expand our circular polymer product offering to India,” said Yvonne van der Laan, Vice President LyondellBasell Director, Circular and Low Carbon Solutions. By combining our respective expertise with that of Shakti Plastic Industries, we will create an innovative system that can be scaled as the circular economy grows. »

Once established, the joint venture will leverage the strengths of each partner. Through the development of a recycling infrastructure in India, Shakti Plastic Industries will provide the structure and formality of the waste collection process to obtain the materials that will be used in the new business. LyondellBasell will leverage its long-standing leadership in innovative plastic production technology, extensive experience in product development and in-depth knowledge of India’s polymer markets.

“The circular economy will increasingly become a critical part of the plastics value chain in India, which will require solutions across the entire value chain to build a sustainable world of plastic recycling,” explained Rahul V. Podaar, Managing Director of Shakti Plastic Industries. “As we prepare to become a value player in the circular economy, we will continue to seek opportunities for future growth. Together with LyondellBasell, we will be at the forefront in India in taking significant steps to recycle rigid plastic waste, which supports the government’s initiative to reuse recycled plastic in packaging applications. »

About LyondellBasell
As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best-run and most valued company in our industry. The company’s products, materials and technologies provide sustainable solutions for food security, access to clean water, healthcare and energy efficiency in more than 100 international markets. LyondeldellBasell places a high priority on diversity, equity and inclusion and advance the good, with a focus on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address global plastic waste and decarbonization challenges and recently announced new initiatives to expand its mechanical and advanced recycling footprints. In 2022, LyondellBasell was named one of the “World’s Most Admired Companies” by FORTUNE magazine for the fifth consecutive year. For more information, visit the website or follow @LyondellBasell on LinkedIn.

About Shakti Plastic Industries
Founded in 1969, Shakti Plastic Industries is a company based in mumbai which recycles all types of plastic waste and is one of the leading polymer waste recyclers in India. Under the leadership of our founder, Mr. Vishwanath Podaar, Shakti Plastic Industries has built on a heritage of over three generations. Shakti Plastics has been the industry’s leading expert in post-consumer and industrial waste management for 50 years. The company is committed to collecting and recycling flexible, PLP, rigid and mixed plastics as well as all other types of plastic. The company has a split collection system between PAN India and Dubai and operates six recycling plants in India and one in Dubai.

Shakti provides Extended Producer Responsibility (EPR) solutions to over 450 leading brands across India, ensuring that best practices in collection, logistics and recycling are applied with end-to-end transparency and traceability. end, as well as helping brands to optimize their ESG performance. The company’s research and development and innovation teams have developed several award-winning products from plastic waste containing up to 100% recycled content. The company is technology-driven, it has its own digital space and it has invested in a digital start-up company that is working on end-to-end traceability, blockchain, Web3 and NFT-based solutions for plastic waste management. For more information, visit the website or follow @theshaktiplasticindustries on LinkedIn.

Forward-Looking Statement for LyondellBasell
Statements in this release that are not historical facts are forward-looking statements. These forward-looking statements are based on management’s assumptions, which are believed to be reasonable at the time they are made and which are subject to significant risks and uncertainties. Actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, including with respect to, but not limited to, our ability to complete the transaction described or its timing; the successful construction and operation of the facilities described in this news release; our ability to obtain all necessary regulatory approvals; our ability to achieve our sustainability goals, including the ability to increase production of recycled and renewable polymers to meet our goals and forecasts; and general economic conditions in the geographic regions or markets served by LyondellBasell and its subsidiaries, or where the operations of the company and its subsidiaries are located. Although these statements and projections are made in good faith, LyondelBasell and its management cannot guarantee that the anticipated future results will be achieved. Other factors that could cause actual results to differ materially from those described in the forward-looking statements are set out in the “Risk Factors” section set out in our Form 10-K for the year ended December 31, 2021, located on on the Investor Relations page. LyondellBasell undertakes no obligation to publicly update or revise any forward-looking statements contained herein or any other forward-looking statements made, whether as a result of new information, future events or otherwise.

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LyondellBasell and Shakti Plastic Industries Sign Memorandum of Understanding to Advance Mechanical Recycling in India

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