Dow (NYSE: DOW) has finalized an agreement with Gunvor Petroleum Rotterdam, a wholly owned subsidiary of Gunvor Group Ltd (Gunvor) to purify pyrolysis oil feedstocks derived from plastic waste as part of last week’s announced actions to expand global capabilities for circular plastics. Gunvor will supply cracker-ready feedstock to Dow in Europe beginning in 2021, which will be used to produce circular plastics for customers. The purification process is necessary to ensure the pyrolysis oil feedstocks are of sufficient quality to produce new polymers.
“The agreement builds on Dow’s longstanding relationship with Gunvor and leverages the economies of scale needed to bring a circular economy for plastics another step closer,” said Diego Donoso, president of Dow’s Packaging and Specialty Plastics business. “In addition to our efforts to design for recyclability, we are adopting advanced recycling technologies that allow us to reclaim and reuse more waste plastics that would otherwise go to waste.”
Gunvor is an experienced processor of crude oils with a strong European presence, and brings expertise that can further improve the quality of pyrolysis oil feedstock. The agreement with Gunvor supports Dow’s advanced recycling agreements with Mura, Fuenix and New Hope and complements Dow’s intention to fast-track a market development scale purification unit in Terneuzen, the Netherlands, which will provide additional purification capacity. These collective efforts demonstrate continued progress toward meeting the Company’s announced sustainability targets to stop plastic waste, close the loop and protect the climate.
“By building on our longstanding relationship with Dow, Gunvor is implementing our near-term strategy to leverage the Group’s existing traditional asset base to advance Energy Transition objectives in a commercially viable manner,” said Gunvor Group CEO, Torbjörn Törnqvist. “Reducing waste and promoting sustainability is a priority.”
About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage, and terminals—that complement core trading activities and generate sustainable value across the global supply chain for customers. In 2020, Gunvor reported turnover of US $50 billion on volumes of 191 million MT. Approximately 50% of the company’s trading consists of “transitional” commodities, including biofuels, natural gas and LNG. For more information, visit GunvorGroup.com.
Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.