One of the leading chemical company, LyondellBasell Industries N.V., today announced that it would source the feedstock required for the manufacturing of various polymers as well as chemicals from Neste Corporation, one of the leading European company serving oil & energy sector globally. This long-term commercial agreement with Neste will provide LyondellBasell with the feedstock which is 100% renewable and bio-based in nature hence less or negligible environmental impact. As this involve Neste RE™, a Neste feedstock made from bio-based sources including waste, residue oils and fats.
This agreement would further help the company to develop products focussing on circular bioeconomy and hence huge upcoming opportunities and overall demand worldwide through the use of renewable resources. Such as their first commercial production of bio-based plastics viz., LDPE (Low-Density Polyethylene) and Polypropylene in June 2019 simultaneously at LyondellBasell’s Wesseling site in Germany using Neste’s raw material viz., hydrocarbons which are completely bio-based in nature. Hence, got easy approval to be used in the application of food packaging across the globe.
This utilization of renewable resources such as waste and residual oils is further enabling company to cut its dependency on fossil fuels and providing customers with more sustainable solutions. To date, the company have sold multiple bio-based products in its trial to customers including Cofresco, a European company involved in supply of household films etc. Additionally, its recent launch of renewable-based Circulen products in April 2021 which includes polymers made from different bio-based sources. This would further help the company to achieve its sustainability goal as well as enable to provide a solution towards increasing harmful plastic waste in the environment globally.