ReOil, the circular economy project launched by Austrian integrated oil and gas company OMV, managed to successfully recycle 200,000 kilograms of plastic waste since its start in 2018.
This amount corresponds to what approximately 2,650 households produce in plastic waste from packaging within an entire year.
The innovative chemical recycling technology facilitates a circular economy of post-consumer plastics by recycling them to create value-added products, thereby reducing dependence on natural resources and lowering carbon intensity, as compared to standard oil processing.
Substituting crude oil with post-consumer plastics synthetic crude is estimated to lead to 45 per cent lower CO2 emissions in the use of this product and 20 per cent lower energy demand per tonnes of the product.
“We plan to do one more scale-up step of the plant by 2022 by increasing the post-consumer plastic feedstock capacity to 16,000 – 20,000 tonnes per year, before aiming at building the final industrial-scale capacity plant by 2025,” reads the company’s announcement.
OMV has recognised the environmental footprint of petrochemicals and assumed its responsibility for petrochemicals value chain impacts throughout their lifespan. Despite the current drawbacks of the plastics economy, plastics are part of the solution to a number of challenges facing our society. It is OMV’s ambition to strengthen its European downstream position through a shift to higher-value-added products, such as petrochemical products. This move, in combination with the recycling of post-consumer plastics, is an important way to make better use of valuable natural resources.
Photo: OMV’s official website.