French oil and gas company TotalEnergies SE (TTE, TTE.L) and Honeywell International Inc. (HON) Thursday announced a strategic agreement to promote the development of advanced plastic recycling.
Under the deal, Honeywell will supply TotalEnergies with Recycled Polymer Feedstock or RPF using Honeywell's UpCycle Process Technology, at the recently announced Honeywell and Sacyr advanced recycling plant.
TotalEnergies will purchase and convert this raw material into virgin-quality polymers, which could be used for food-grade packaging and other high demanding applications.
The UpCycle plant, which would be built in Spain and owned by a joint venture between Honeywell and Sacyr, is planned to process and convert yearly 30,000 tons of mixed plastic waste into RFP, that may otherwise be destined for landfill or incineration.
The projected startup of the UpCycle plant is expected in 2023, with RPF to be used for the manufacturing of high-quality polymers in TotalEnergies' European-based production units.
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