‘This long-term agreement with Clean Planet Energy for the offtake of naphtha will help BP unlock new sources of value through circularity…’
Clean Planet Energy, which develops facilities converting hard-to-recycle waste plastics into circular petrochemical feedstocks and ultra-low sulphur diesel (ULSD), has signed a ten-year offtake agreement with BP. The company’s first facility, currently being built in Teesside, UK, will have the capacity to process 20 000 tonnes per year of waste plastics into naphtha and ULSD. The naphtha will be used by BP as feedstock in the circular plastics value chain, which is aligned with BP’s aim of ‘unlocking new sources of value through circularity.’
Clean Planet Energy is currently developing 12 of its production facilities, known as ‘ecoPlants’, worldwide. The company says that it aims to divert 250 000 tonnes of hard-to-recycle plastic waste annually from landfills and the environment, as well as creating 700 green jobs in local communities. The company is set to announce further ecoPlants in the UK, EU, Southeast Asia and the Americas later this year. The company has said that it has a mission to remove more than 1 million tonnes hard-to-recycle plastic waste form the environment each year. BP added that the relationship provided an opportunity for it to source feedstock from future ecoPlants.
BP’s Senior Vice President Refining & Products Trading; Sven Boss-Walker said: ‘This long-term agreement with Clean Planet Energy for the offtake of naphtha will help BP unlock new sources of value through circularity, while helping divert plastic waste away from landfill, incineration and the environment.’