RIYADH, Saudi Arabia - SABIC announced on Jan. 16 that it will become a founding member of the Alliance to End Plastic Waste, a new non-profit organization consisting of 27 global companies to advance solutions to help reduce mismanaged plastic waste in the environment.
"Innovative plastics make modern life possible, but even the most beneficial product can be harmful if it is misused - or disposed of improperly," said Yousef Al-Benyan, SABIC CEO. "Consumers, governments and the business community alike are searching for ways to address this challenge. We wanted to make clear that the global community of companies that produce and use plastics can and must be part of the solution."
The Alliance will be a stand-alone, not-for-profit organization composed of companies from across the plastics and consumer goods value chains including chemicals, plastics and consumer goods producers, retailers, converters and waste management companies. The Alliance will work with governments, multilateral institutions, companies, non-government organizations and communities to support investments and programs over the next five years to help eliminate plastic waste in the environment and drive progress in four key areas:
Infrastructure development to manage waste and increase recycling;
Innovation to develop and bring to scale new materials and product designs that can minimize waste and new recycling technologies that can create value from all post-use plastics;
Education and engagement of governments at all levels, communities, businesses and individuals to enlist them in the movement to help end plastic waste in the environment; and
Clean up of concentrated areas of waste in the environment, particularly the major conduits of waste that carry land-based waste to the sea like rivers.
"SABIC's involvement in the Alliance reinforces our long-held commitment to sustainable development," said Al-Benyan.
SABIC has always striven to be a part of the solution to the world's sustainability efforts. From its inception in 1976, the company began with an initiative to develop valuable uses for the waste gases that were being flared off as a by-product of oil and gas production.
SABIC is recycling waste from its own manufacturing processes. It operates the world's largest CO2 recovery and purification plant and uses purified CO2 to make fertilizers and other chemical products.
Additionally, a new SABIC project targets the chemical recycling of low-quality, contaminated mixed plastic waste streams into a suitable feedstock for its crackers in Europe. The feedstock, known as pyrolysis oil, is created by converting plastic waste that would otherwise be incinerated for energy recovery or end up in landfills.
"Addressing plastic waste in the environment requires the participation and long-term commitment of all aspects of society, including consumers, manufacturers, technology developers, the finance community, government and civil society. No one country, company nor community can solve this problem on their own," said Al-Benyan.
"SABIC is pleased to work alongside these entities to help ensure a sustainable environment for future generations."
For more information, please visit www.endplasticwaste.org.
ABOUT SABIC
SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. We manufacture on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.
We support our customers by identifying and developing opportunities in key end markets such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy.
SABIC recorded a net profit of SR 17.8 billion (US$ 4.8 billion) in 2016. Sales revenues for 2016 totaled SR 132.8 billion (US$ 35.4 billion). Total assets stood at SR 316.9 billion (US$ 84.5 billion) at the end of 2016. Production in 2016 stood at 72.7 million metric tons.
SABIC has more than 35,000 employees worldwide and operates in more than 50 countries. Fostering innovation and a spirit of ingenuity, we have 12,191 global patent filings, and have significant research resources with innovation hubs in five key geographies - USA, Europe, Middle East, South Asia and North Asia.
The Saudi Arabian government owns 70 percent of SABIC shares with the remaining 30 percent publicly traded on the Saudi stock exchange.
SOURCE SABIC
CONTACT: Abdullah Al-Juhany, SABIC Corporate Affairs, T: +966 (11) 225 9812, E: aljuhany@sabic.com
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