CBI member, BP has announced that it has signed a strategic cooperation agreement with one of China’s leading producers of PET (polyethylene terephthalate) plastic, China Resources Chemical Innovative Materials Holdings Limited (CRC). CRC is already an important customer for BP’s production of PTA (purified terephthalic acid) in China.
PET is a type of hydrocarbon-based polymer plastic, used widely for beverage and food packaging, and PTA is a key raw material for its production.
BP and CRC have agreed to explore opportunities to strengthen their co-operation on PTA sourcing and to work together along the polyester value chain. As part of this agreement, BP also agreed to invest in and become a shareholder of CRC.
CEO for BP’s Global Aromatics Unit, Luis Sierra, said: “BP and CRC already have a close and longstanding relationship and we look forward to building on it further. We can see opportunities to work together to streamline and increase collaboration along the polyester value chain, improving flexibility and efficiency and creating value.”
Xiaoping Yang, BP China Chairman and President, added: “By deploying leading technologies and business models with CRC in the polyester value chain, we hope to create a more competitive and sustainable future together.”
BP is a global leader in the production of PTA, having developed its own highly efficient proprietary technology, which is more energy efficient, uses less water and produces less solid waste than similar technologies on the market. The company’s biggest PTA production site globally is in fact located in China, in the southern city of Zhuhai, with an annual production capacity of 2.4 million tonnes.
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