News Highlights
- SIRC is owned by Saudi Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world.
- Reinforcing the Saudi G20 Presidency’s commitment to Circular Carbon Economy (CCE), and Climate Change.
- Initiative will create thousands of new jobs in Saudi Arabia.
- SABIC is a global diversified chemicals company
(RIYADH, DUBAI): Saudi Investment Recycling Company (SIRC), a wholly owned subsidiary of Saudi Public Investment Fund (PIF), signed a Memorandum of Understanding (MoU) with SABIC, a global leader in diversified chemicals, to help SIRC set up its first chemical recycling project to enable the use of recycled plastic feedstock.
The MoU, signed at SABIC headquarters in Riyadh on April 5, 2021, also proposed a feasibility study on building a chemical recycling plant in the Kingdom to convert Mixed Plastic Waste (MPW) into pyrolysis oil.
“This strategic collaboration will help us in our efforts to contribute to fulfilling the Kingdom’s waste management objectives aligned with Saudi Vision 2030,” said Yousef Al-Benyan, SABIC Vice Chairman and CEO.
“This also reinforces the Saudi G20 Presidency’s commitment to Circular Carbon Economy (CCE) ensuring a sustainable future focusing on environment, energy and climate,” he added.
The Public Investment Fund (PIF) owned SIRC aims to use mixed plastic waste collected from Materials Recovery Facility (MRF) to be used as feedstock to be converted into Pyrolysis oil.
“The initiative will play a vital role in contributing to the Circular Economy of Saudi Arabia, reducing the greenhouse emissions, protecting the environment and creating a sustainable future in Saudi Arabia.We see the right synergy and expertise between SIRC and SABIC to make this massive project a resounding success and a role model initiative in the Middle East,” said Ziyad Al Shiha, Chief Executive Officer of Saudi Investment Recycling Corporation.
“The collaboration with SABIC will give an impetus to our support to the success of various initiatives identified by the Kingdom’s Waste Management National Regulatory Framework. It will also help create new opportunities in the waste management sector. We established SIRC with an aim to build, develop and invest in the waste management sector in Saudi Arabia.,” Ziyad concluded.
According to theMoU, SIRC will source, collect, sort and supply the feedstock for the chemical recycling facility from the municipal solid waste.
Both SIRC and SABIC will assess project feasibility study and the proposed collaboration, as part of the MoU, beside jobs creation.
Abdulrahman Saleh Al-Fageeh, Executive Vice President of Petrochemicals at SABIC, said, “We can now clearly foresee a significant role of Saudi Arabia having a tangible part in the Climate Change agenda. The new collaboration will be a milestone toward Saudi Vision 2030. We are very much confident of SIRC’s expertise and role in converting the waste into opportunity.”
The MoU is aligned with SABIC’s TRUCIRCLE™ initiative as part of its vision of a circular economy.
The TRUCIRCLE™ umbrella covers certified circular products, made through feedstock recycling of difficult to recycle plastic waste; certified renewable products from second-generation bio-based feedstock; mechanically recycled products to improve recyclability and end-use properties; and design for recyclability for products that have better recyclability characteristics.
The TRUCIRCLE™ portfolio has applications in key end markets such as packaging, electrical & electronics, transportation, construction and healthcare/medical devices.
© Press Release 2021
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