Genox and LyondellBasell formally Launched Plastic Recycling Joint Venture

On Apr. 18, Genox and LyondellBasell (NYSE:LYB) plastic recycling joint venture (JV) was formally launched in Zhaoqing, Guangdong Province, China, named as Genox and LyondellBasell New Materials Co., Ltd. The JV will recycle plastic waste through mechanical recycling methods and produce new polymers which will be added to the LyondellBasell CirculenRecover product portfolio.

“Genox has been committed in high quality development of circular economy. We are delighted to partner with LyondellBasell to advance the plastic recycling and upgrade. Our cooperation will make a contribution to building a circular and low-carbon future”, said Jingfa, Jiang, the chairman of Genox.

“This new JV is an execution of LyondellBasell’s strategy of building a strong and profitable Circular and Low Carbon Solutions business in Asia”, said Limin Fu, vice president of LyondellBasell China’s Polyolefin business and joint venture management. “It combines the strengths of both companies. We partner with Genox through an off-take business, develop innovative products to meet customer’s needs, and expand our capability into the entire plastics recycling value chain. The new JV will advance the development of local plastics recycling infrastructure in China and contribute to a circular economy.”

Against the continuous deepening of global environmental protection, Genox LyondellBasell New Materials Ltd. undoubtedly will provide vitality and hope. In the future, Genox and LyondellBasell will jointly explore the best solution of plastic recycling, providing effective practices to solve the global plastic pollution problem.

About LyondellBasell
LyondellBasell is a leading enterprise in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.