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Japan’s JEPLAN and Rebound, an Abu Dhabi-based global trade platform for recycled plastics, have signed a Letter of Intent (LoI) to establish a joint project for a PET recycling market in the UAE.
The agreement was signed at the Make it in the Emirates forum in the UAE capital on May 31, 2023, Rebound said in a press statement.
Rebound, a subsidiary of UAE-based investment firm International Holding Company (IHC), is the enabler of the world’s first quality-assured recycled plastic trading platform, the Rebound Plastic Exchange (RPX).
Through a joint study, the parties will target partner companies in the UAE with the aim of establishing a supply chain for recycled PET in the country.
JEPLAN will be involved in quality surveys of used PET bottles collected in the UAE, verification of recycling costs and verification of factory manufacturing operations.
The joint study is expected to culminate in a demonstration project to build a PET chemical recycling plant ahead of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in Dubai this November, according to the statement.
JEPLAN’s PET chemical recycling technology “BRING” for PET bottles and polyester fibers can recycle used products to the same quality as petroleum-derived products.
The group operates PET chemical recycling commercial plants using the technology at two locations in Japan.
(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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