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SIRC and SABIC to realise Saudi Vision 2030 objective of circular economy

Industry

Saudi Investment Recycling Company (SIRC), a wholly-owned subsidiary of Saudi Public Investment Fund (PIF), has signed a MoU with SABIC to conduct 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,” said Ziyad Al Shiha, CEO 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.

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.

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