Vitol to invest in plastics recycling company WPU
Vitol has entered into a strategic partnership with Danish company WPU, which recycles waste plastic into plastic oils. Vitol will offtake and market the recycled plastic oils generated by WPU’s new pyrolysis plant in Faarevejle in Odsherred Municipality north of Copenhagen, which is expected to open in early 2023, with an additional two plants to be opened by Q3 2023. The combined capacity of these plants will be 160,000 metric tpy of waste plastic.
Plastic can be recycled mechanically up to 6-7 times. At this point, the building blocks in the plastic are so damaged that they need to be incinerated or deposited in landfill. However, through pyrolysis WPU can now convert obsolete plastic into new products. The transformation from waste to sustainable energy is based on a technology called pyrolysis that processes the plastic at high temperatures. The plastic oils can be used in the production of new plastic products or as recycled carbon fuels.
Chris Bake, head of origination, Vitol said, “Each year over 17 MMt of waste plastic is generated in the EU, recycling plastics locally minimizes transport emissions and supports European chemicals businesses. We intend to be an integral part of Europe’s circular economy and are delighted to be taking this important step with WPU.”
Niels Stielund, Chairman of the Board at WPU said, “The strategic partnership with Vitol enables WPU to continue a strong future production line. We could not have wished for a better partnership. Vitol, with its deep knowledge of the global energy markets and sustainable fuels, is in a perfect position to support us in our further development and expansion.”