PureCycle Technologies, a US plastic recycling company, and Mitsui & Co., Ltd., a global investment and trading company based in Japan, announced on 17 March that they had entered into an agreement to develop and operate a PP recycling plant in Japan. The companies signed a memorandum of understanding in September 2021. The construction of the plant that will transform PP waste into an ultra-pure recycled (UPR) resin is scheduled for completion in 2026. The unit will produce 130 million lb (59,000 t) of UPR annually. The partners plan to expand the production in the long run. PureCycle’s patented technology removes virtually all the contaminants, colours and odours from PP plastic waste and turns it into the UPR resin that can be reused and recycled multiple times, according to the companies’ representatives.

Dustin Olson, PureCycle CEO, believes that Mitsui is a strong partner in the goal to solve the global plastic waste crisis. He is sure that the project is a major step forward to bring a true circular solution to PP plastic waste to Japan and help establish a circular economy in the country. He also thinks that the proposed PP recycling unit will become a strategic sustainable supply location for automotive, electronics and consumer goods industries in the country. PureCycle and Mitsui have yet to pick the final location for the future unit, but they want to build it between major population and industrial centres to optimise supply chain activities for both feedstock and UPR resin.

The company is pursuing its global growth strategy with this new project. PureCycle will build a similar facility in Belgium in a joint venture with the Port of Antwerp-Bruges. The construction will start upon completion of the regulatory approval process expected in 2024. The company also plans to commission a PP recycling plant in South Korea that will be the first project of this scale in Asia after the startup in 2025.

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Yansab’s generated net profits plunged by 72.96% year on year to SAR 414.10 million after a tax and Zakat, an annual obligatory Muslim donation of wealth to charitable causes. The company profited SAR 1.53 billion in 2021. Its revenues also plummeted by 6.33% on an annualised basis to SAR 7.02 billion in 2022. Yansab achieved 7.49 billion in revenues in 2021. The company’s earnings per share stood at SAR 0.74 in the twelve-month period, SAR 1.98 less than in 2021.

After a tax and Zakat, Yansab’s net profits declined by 57.32% year on year to SAR 510.60 million in the first nine months of 2022 from SAR 1.19 billion in the same period of 2021. The company achieved 5.62 billion in revenues in January—September 2022, which is 2.60% above the January—September 2021 figure of SAR 5.48 billion. In the first nine months, its earnings per share fell from SAR 2.13 in 2021 to SAR 0.91 in 2022.

Yanbu National Petrochemical Company (Yansab) is one of the major Saudi Arabian petrochemical producers. The company closed its petrochemical complex in Yanbu Industrial City, Saudi Arabia, for a 53-day scheduled turnaround on 10 January. The complex consists of 1.3 million-tpy ethylene, 400,000-tpy propylene, 700,000-tpy monoethylene glycol, 400,000-tpy polypropylene, 400,000-tpy linear low-density polyethylene and 400,000-tpy high-density polyethylene units. It also includes butene, benzene, methyl tert-butyl ether, methyl methacrylate styrene, diethylene glycol and triethylene glycol plants.