BP has signed a strategic cooperation agreement with one of China’s leading producers of PET (polyethylene terephthalate) plastic, China Resources Chemical Innovative Materials Holdings Limited (CRC). CRC is already an important customer for BP’s production of PTA (purified terephthalic acid) in China.

 

CRC and BP have agreed to explore opportunities to strengthen their co-operation on PTA sourcing and work together along the polyester value chain. They have also agreed to explore further opportunities to work together. Associated with this agreement, BP also agreed to invest in and become a shareholder of CRC.

 

CEO for BP’s Global Aromatics Unit, Luis Sierra, said: “BP and CRC already have a close and longstanding relationship and we look forward to building on it further. We can see opportunities to work together to streamline and increase collaboration along the polyester value chain, improving flexibility and efficiency and creating value.” 

 

Managing Director of China Resources Chemical Innovative Materials Holdings Limited, Zhu Zhenda, said: “BP is CRC’s important strategic partner in the polyester value chain. Through deepened cooperation, we anticipate effective integration of our resources, bringing advantages for both partners. We will work together to develop innovative technologies, new products and applications for our customers in future.” 

 

BP has also recently developed an enhanced recycling technology, BP Infinia, that enables currently unrecyclable PET plastic waste to be transformed back into new, virgin-quality feedstocks. It is constructing a pilot plant to prove the technology.

 

Xiaoping Yang, BP China Chairman and President, added: “By deploying leading technologies and business models with CRC in the polyester value chain, we hope to create a more competitive and sustainable future together."