Rotterdam – June 17, 2021 – LyondellBasell (NYSE: LYB) and Neste today announced a long-term commercial agreement under which LyondellBasell will source Neste RE™, a feedstock from Neste that has been produced from 100% renewable feedstock from bio-based sources, such as waste and residue oils and fats. This feedstock will be processed through the cracker at LyondellBasell’s Wesseling, Germany, plant into polymers and sold under the CirculenRenew brand name.
“We are delighted that our strategic relationship with LyondellBasell is further strengthened with this long-term commercial agreement. With LyondellBasell, we share both the innovative spirit and the sense of urgency to make active contributions towards combating climate change and accelerating the shift to a circular bio-economy. We made history together by joining forces in 2019 in the world’s first commercial-scale production of bio-based polypropylene and bio-based polyethylene with verified renewable content. I am very much looking forward to the next industry milestones we can reach together,” says Mercedes Alonso, Executive Vice President, Renewable Polymers and Chemicals at Neste.
”We are very pleased that together with Neste we can bring our customers one step closer to the creation of more sustainable end products,” states Richard Roudeix, LyondellBasell Senior Vice President of Olefins and Polyolefins for Europe, Middle East, Africa and India. “The extended relationship with Neste is an important piece in our multi-pronged approach to deliver on our sustainability goals. We have already made some significant steps in this direction since the beginning of this year, amongst which the recent launch of our Circulen product family and the ISCC PLUS certification, which we have obtained for our European polymer sites.”
Through their collaboration, Neste and LyondellBasell are jointly contributing to the development of the European market for more sustainable polymers and chemicals solutions. By ensuring continuity with significant industrial-scale volumes of renewable polymers produced with renewable feedstock from bio-based sources, the companies wish to enable sustainability-focused brands to develop more sustainable products and offerings.
In April 2021, LyondellBasell launched the Circulen family of products. LyondellBasell’s CirculenRenew product line consist of polymers linked to renewable-based feedstocks, while polymers made from mechanically recycled materials are marketed under the brand name CirculenRecover and those linked to advanced (molecular) recycling are called CirculenRevive.
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Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2020, Neste's revenue stood at EUR 11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products. Read more: neste.com and www.neste.com/neste-re
LyondellBasell in brief
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polypropylene compounds and the largest licensor of polyolefin technologies. In 2021, LyondellBasell was named to FORTUNE Magazine's list of the "World's Most Admired Companies" for the fourth consecutive year. More information about LyondellBasell can be found at www.lyondellbasell.com.
Circulen is a trademark owned or used by the LyondellBasell family of companies
Neste RETM is a trademark owned or used by Neste