Vitol to Invest in Danish Plastic Recycling Company to Produce Plastic Oil

Vitol has reached a strategic partnership with Danish company WPU, which recycles waste plastics to produce plastic oil. Vitol will offtake and sell recycled plastic oil produced at WPU's new pyrolysis plant in Fareviere, Odsherede, north of Copenhagen, which is expected to start production in early 2023, with two other plants due in the third quarter of 2023 When put into operation, the combined production capacity of these plants will be 160,000 tons/year of waste plastics.

Plastics can be mechanically recycled up to 6-7 times. At this point, the cornerstones in the plastic are so damaged that they need to be incinerated or landfilled. However, through pyrolysis, WPU can now convert obsolete plastics into new products. The transition from waste to sustainable energy is based on a technology called pyrolysis, which processes plastics at high temperatures. Plastic oil can be used to produce new plastic products, or as recycled carbon fuel.

Chris Bake, Head of Vitol Initiative, said: “The EU generates more than 17 million tonnes of plastic waste each year, and recycling plastic locally can minimise transport emissions and support European chemical companies. We intend to be an integral part of Europe’s circular economy, It is a pleasure to take this important step with WPU."

Nils Stilender, Chairman of the WPU Board of Directors, said: "The strategic partnership with Vitol enables WPU to continue a strong future pipeline. Vitol has a deep understanding of the global energy market and sustainable fuels and is fully capable Support our further development and expansion.”