KUALA LUMPUR, Sept 20 — Petronas Chemicals Group Bhd (PCG) and ExxonMobil have signed a memorandum of understanding to assess the potential for large-scale implementation of advanced plastic recycling technology to help create a circular economy for plastics in Malaysia.

In a joint statement today, the companies said they will also evaluate opportunities to support improvements to plastic waste collection and sorting in the country.

Managing director and chief executive officer Mohd Yusri said Petronas Chemicals, which is the petrochemical arm of national oil and gas company Petronas, has been continuously exploring and implementing innovative technologies to develop sustainable solutions demanded by its customers.

"This collaboration is yet another significant step towards the transition into a circular economy on the back of increased demand for circular products and signifies our commitment to using recycled raw materials in the chemical industry,” he said.

Petronas Chemicals is currently conducting several feasibility studies on plastic recycling.

Meanwhile, ExxonMobil vice-president of new market development Dave Andrew said advanced recycling plays an important role in meeting the growing demand for circular products while helping to address the challenge of plastic waste.

"Leveraging new technologies and the expertise of both of our organisations, we hope to accelerate a more circular economy for plastics in the region,” he said.

ExxonMobil is a founding member of the Alliance to End Plastic Waste, which is focused on accelerating investment in safe, scalable and economically viable solutions around the world to help address plastic waste in the environment.

The company plans to build approximately 500,000 tonnes of advanced recycling capacity at its integrated manufacturing facilities around the world by year-end 2026. — Bernama