Japan’s JEPLAN and Abu Dhabi-based global trading platform for recycled plastics Rebound, have signed a letter of intent (LoI) for a joint project to establish a PET recycling market in the UAE.

The agreement was signed on 31 May 2023 at the Make it in the Emirates Forum in the UAE Capital, Rebound said in a press statement.

Rebound, a subsidiary of UAE-based investment firm International Holding Company (IHC), is mover behind the world's first trading platform for quality-assured recycled plastics, Rebound Plastic Exchange (RPX).

Through a joint study, two parties will target partner companies in the UAE with the aim of establishing a supply chain for recycled PET in the country.

JEPLAN will be involved in quality surveys of used PET bottles collected in the UAE, verification of recycling costs, and verification of the plant's manufacturing operations.

The joint study is expected to culminate in a demonstration project for the construction of a PET chemical recycling plant closer to the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) to be held in Dubai in November this year, according to the statement.

JEPLAN’s PET chemical recycling technology ‘BRING’ for PET bottles and polyester fibres enables used products to be recycled to the same quality as petroleum-derived products.

The Group operates PET chemical recycling commercial plants using this technology at two sites in Japan.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)