Worley (ASX:WOR) - CEO, Chris Ashton
CEO, Chris Ashton
Source: CNBC
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Worley (WOR) has been awarded a services contract from SABIC Plastic Energy Advanced Recycling for a recycling unit in Geleen, The Netherlands
  • SABIC Plastic Energy Advanced Recycling is a joint venture between SABIC and Plastic Energy
  • The JV is aiming to build the world’s first commercial recycling unit that produces circular plastic polymers
  • The plant is focusing on becoming operational in the second half of 2022, and it will use Plastic Energy’s patented technology to transform plastic waste into recycled oils
  • Additionally, Worley will provide its engineering, procurement and construction services for a two-year period
  • Worley is up a slight 0.72 per cent on the market and shares are trading at $11.18

Worley (WOR) has been awarded a services contract from SABIC Plastic Energy Advanced Recycling for a recycling unit in Geleen, The Netherlands.

A joint venture between SABIC and Plastic Energy, SABIC Plastic Energy Advanced Recycling is aiming to build the world’s first commercial recycling unit to produce circular plastic polymers.

Polymers are large molecules made up of repeating subunits and are used in almost every product such as phones, grocery bags, water bottles and auto parts.

The plant will be based in The Netherlands and is expected to become operational in the second half of 2022.

It will use Plastic Energy’s patented recycling technology, TACOIL, to transform plastic waste into recycled oils.

SABIC will then use TACOIL as an alternative feedstock to create plastics.

Under the contract, Worley will provide its engineering, procurement and construction services for a two-year period.

The services will be carried out by Worley’s U.K. and Netherlands offices with support to be received from its Global Integrated Delivery team in India.

“We are excited to build our relationship with SABIC and Plastic Energy and help transform the global use of waster plastics and advance the circular economy,” CEO Chris Ashton said.

“As a global professional services company headquartered in Australia, this project is an example of Worley’s strategic focus on sustainability and delivering a more sustainable world,” he added.

Worley is up a slight 0.72 per cent on the market and shares are trading at $11.18 at 2:01 pm AEDT.

WOR by the numbers
More From The Market Herald
Carsales (ASX:CAR) - Managing Director and CEO, Cameron McIntyre

" Carsales.com (ASX:CAR) raises $842m for Trader Interactive acquisition

Carsales.com (ASX:CAR) has raised $842 million from its institutional entitlement offer to help fund its acquisition…
The Market Herald Video

" Pilbara Minerals (ASX:PLS) set to increase production at Pilgangoora

Pilbara Minerals (ASX:PLS) is set to increase spodumene production at its Pilgangoora operation to 680,000 dry…
The Market Herald Video

" Liontown Resources (ASX:LTR) lands offtake agreement with Ford, reaches FID decision

Liontown Resources (ASX:LTR) has executed a binding offtake agreement and funding facility with global automaker, Ford.
The Market Herald Video

" Northern Star Resources (ASX:NST) looks to expand Kalgoorlie Super Pit

Gold miners Northern Star Resources (ASX:NST) flags potential to spend up to $1.4 billion to expand…