LyondellBasell (LYB) And Neste Produce Bio-Based Plastics
Zacks Investment Research | Jun 24, 2019 08:20AM ET
LyondellBasell Industries N.V. (NYSE:LYB) and Neste — the world’s biggest producer of renewable diesel from waste and residues — have recently announced the first parallel production of bio-based low-density polyethylene and bio-based polypropylene from renewable materials at a commercial scale.
The joint project utilizes Neste's renewable hydrocarbons, which are derived from sustainable bio-based raw materials like waste and residue oils. The project successfully produced several thousand tons of bio-based plastics. These plastics are approved for the production of food packaging. Moreover, the products are marketed under the new family of LyondellBasell’s circular economy brands, Circulen and Circulen Plus.
LyondellBasell’s collaboration with Neste highlights a major milestone in the commercialization of the latter’s renewable polymers and chemicals business.
Notably, LyondellBasell's cracker flexibility enabled it to add a new renewable feedstock at its Wesseling, Germany site. The feedstock was directly converted into bio-based polypropylene and bio-based polyethylene. Also, the polymer products contained more than 30% renewable content.
Shares of LyondellBasell have lost around 19.7% in the past year compared with the Original post
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