Oil and gas company MOL Group and manufacturer APK AG have signed a strategic cooperation agreement which will see MOL support the completion of APK’s Mersburg recovery plant.
The plant will serve as a pilot for the process Newcycling, which ensures the recovery of high-quality materials from complex packaging.
APK developed this process which can be applied to a variety of mixed plastic types and turn them into high-quality recyclates.
MOL Group’s executive vice president for downstream Ferenc Horvath said: “We see a growing demand from our customers for recycled plastics and at the same time we are also fully committed to the idea of circular economy and sustainability. We aspire to become leaders in recycling in Central and Eastern Europe (CEE) and with today’s agreement we are marking the first milestone on this journey.
“MOL, as an established polymer player in CEE, together with an innovative partner as APK will work on further developing the Newcycling technology and bringing it to our core region where the need and the potential for plastic waste recycling is significant.”
APK speaker of the management board Klaus Wohnig said: “In the last couple of years, APK developed – funded by its financial investors MIG Fonds and AT Newtec – its Newcycling technology considerably and is reaching market maturity now, which we have proven in joint projects with leading players in the packaging, FMCG and plastics industry.
“We are proud to enter now into a strategic partnership with MOL, a highly-reputed player in the polymer industry, in order to finalise our new plant in Merseburg and to enter jointly CEE, which we assess to be a very interesting market in future, since there is expected to be a strong trend from landfill and incineration towards recycling and a truly circular plastics economy. And with MOL’s strong roots in this region, we think MOL is the perfect partner to step into CEE.”
MOL Group has said that it plans to invest around $4.5 billion (£3.47 billion) until the end of the next decade into petrochemical projects and intends to build up its recycling capabilities.