bp has signed a ten-year offtake agreement with Clean Planet Energy, a UK-based company that is developing facilities to convert hard-to-recycle waste plastics into circular petrochemical feedstocks and also into ultra-low sulphur diesel (ULSD). Clean Planet Energy designs and builds facilities – which they refer to as ecoPlants – that are expected to process plastics typically rejected by traditional recycling centres and so would otherwise be sent to landfill or incineration.
Under the new agreement bp will initially receive the output of Clean Planet Energy’s first facility, currently under construction in Teesside in the north-east of England. The Teesside facility is designed to have the capacity to process 20,000 tonnes a year of waste plastics into naphtha and ULSD. The naphtha can be utilised as feedstock into circular plastics value chains, which is aligned with bp’s aim of unlocking new sources of value through circularity, keeping products and materials in use for longer. Clean Planet Energy will provide bp with the opportunity to expand the relationship by offtaking products from its future plants beyond Teesside.
bp is already leading a series of major hydrogen and carbon capture and storage projects being developed in and around Teesside that will support decarbonisation of the region’s industries.
Clean Planet Energy is currently in the process of developing 12 of its ecoPlants globally. From these facilities alone, the company aims to divert 250,000 tonnes of hard-to-recycle waste plastic annually from landfills and the environment, creating more than 700 green jobs in local communities. Clean Planet Energy plans to announce further ecoPlants in the UK, EU, South-East Asia and the Americas later this year.
Sven Boss-Walker, SVP Refining & Products Trading at bp, said:
“This long-term agreement with Clean Planet Energy for the offtake of naphtha will help bp unlock new sources of value through circularity, while helping divert plastic waste away from landfill, incineration and the environment. Clean Planet Energy’s first facility in Teesside should help accelerate this journey.”
Dr. Katerina Garyfalou, Director of Business Development at Clean Planet Energy, said:
“We set out to find an international energy company to work with that we felt understood our vision. bp not only put sustainability performance at the heart of their discussions with us from day one, but their global-leading refining and trading businesses means our naphtha product can have an impact in helping to advance a circular economy.”
Summary:
Clean Planet Energy will process hard-to-recycle waste plastic into naphtha, a petrochemical feedstock that can be used in plastic production to support a circular supply chain. Clean Planet Energy will also be producing Ultra Low Sulphur Diesel
bp will receive the output of Clean Planet Energy’s first facility which is under construction in Teesside and the right to offtake from future plants globally
About bp:
bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner and help the world get to net zero, and a strategy for delivering on that ambition. For more information visit bp.com.
About Clean Planet Energy:
Clean Planet Energy (CPE) is a cleantech, renewable and alternative energy company, converting hard-to-recycle waste plastics into naphtha, a petrochemical feedstock, that can be used in plastic production to support a circular supply chain and into ultra-low-sulphur diesel. CPE’s mission is to remove over 1 million tonnes of hard-to-recycle plastic waste from our environment every year. It will achieve this mission by seeking to continuously devise and implement green technologies and processes (such as the Clean Planet ecoPlant) that prevent plastic waste from entering earth’s environment and oceans, while also reducing the world’s demand for non-circular products. It aims to divert hard to recycle waste plastics away from the world’s landfills, incinerators, and oceans - a major environmental win.
Further enquiries:
CPE press office, London: +44 (0)203 195 3814, press@cleanplanetenergy.com
bp press office, London: +44(0)7831 095541, +44(0)7919 217511, bppress@bp.com
Cautionary statement
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ’may‘, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, 'plans', 'we see' or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.
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