LyondellBasell and Genox Recycling Partner to Launch Plastics Recycling Initiative
LyondellBasell and Genox Recycling Partner to Launch Plastics Recycling Initiative

LyondellBasell and Genox Recycling Partner to Launch Plastics Recycling Initiative

  • 22-Apr-2024 6:29 PM
  • Journalist: Francis Stokes

On 18 April 2024, LyondellBasell (NYSE: LYB) revealed the inauguration of a plastics recycling joint venture (JV) in Zhaoqing, Guangdong Province, Southern China, in collaboration with Genox Recycling (Genox). Employing mechanical recycling technology, the plant will recycle plastic waste and generate new polymers, expanding the LyondellBasell CirculenRecover product range. Operating under the name Guangdong Genox LyondellBasell New Material Co., Ltd., the JV signifies a strategic partnership.

Yvonne van der Laan, LyondellBasell's executive vice president for Circular and Low Carbon Solutions, highlighted the recent announcement as evidence of their advancements in recycling investments. She emphasized that the joint venture aligns with LYB's dedication to fostering a circular economy for plastics and is a pivotal component of their strategy to enhance their circular polymer portfolio in China. Van der Laan expressed enthusiasm about the partnership with Genox, citing its potential to establish localized recycling solutions for Chinese customers and brand owners, thereby aiding them in achieving their ambitious sustainability goals.

"Recently, company commemorate the inauguration of groundbreaking joint venture facility alongside esteemed partners, customers, employees, and local stakeholders," stated Allen Yu, LyondellBasell's senior vice president for Asia Pacific. "The opening of this JV underscores the firm commitment to bolstering the expansion of the regional customers by championing sustainable solutions in collaboration with partners."

"This new joint venture reflects LyondellBasell's strategic initiative to establish a robust and profitable Circular and Low Carbon Solutions enterprise in Asia," remarked Limin Fu, Vice President of LyondellBasell China's Joint Venture Management and Polyolefins, and Chairman of Guangdong Genox LyondellBasell New Material Co., Ltd. "The JV harnesses the combined strengths of both stakeholders to achieve the outcomes we witness today. This encompasses collaboration with Genox through off-take arrangements, the development of innovative products tailored to meet customer demands, and the expansion of our capabilities across the entire plastics recycling value chain. By fostering this new joint venture, we aim to bolster the local plastics recycling infrastructure in China and contribute to the advancement of a circular economy."

"Genox is continuously investigating opportunities within the industry value chain, and we are pleased to collaborate with LyondellBasell to capitalize on our strengths and spearhead the advancement of plastics recycling," stated Jingfa Jiang, Chairman of Genox Recycling. "Together, we can expedite the transition towards a circular and low-carbon future."

LyondellBasell is committed to nurturing, training, and equipping the next generation of industry leaders. On the occasion of the JV inauguration, LyondellBasell made cash donations to a local elementary school and a middle school, along with providing stationery crafted from recycled plastics sourced from the new JV. Demonstrating a commitment to corporate responsibility, LyondellBasell aims to be a supportive and beneficial presence in the communities where it operates, striving to create positive change.

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