Indorama Ventures Packaging (Philippines) has partnered with Coca-Cola Beverages Philippines to build what promises to be the country’s biggest bottle-to-bottle recycling facility.
Emphasising that used PET bottles are not ‘single-use’, the companies have formed a 70/30 joint venture, called PETValue Philippines Corporation to produce recycled polyethylene terephthalate (rPET). Indorama Ventures Packaging (Philippines) Corporation (IVPPC), Thailand-headquartered Indorama Venture’s second packaging manufacturing site outside of Thailand, will hold the 70% stake in the company.
The joint venture will set up a state-of-the-art Greenfield integrated bottle recycling plant in General Trias in Cavite that is expected to be completed by 2021. The new recycling facility will have a processing capacity of 30,000 MT/year of plastic or almost 2 billion plastic bottles, with an output of 16,000 MT/year of recycled PET resin.
PETValue will be a strong strategic fit with Indorama Venture’s long-term sustainability objectives. Last year, the company announced a series of initiatives to invest globally in the circular economy and in new technologies, including chemical recycling, to make that possible, aimed at increasing recycled PET content volumes by at least 750,000 tonnes. It also pledged US$ 1.5 billion towards achieving this target by 2025.
This latest strategic recycling cooperation between IVL and Coca-Cola will promote a circular, bottle-to-bottle loop in the Philippines, by ensuring that used PET plastic bottles are collected, processed, and reused. In addition, it will produce the Philippines first-ever beverage bottle made from 100% recycled plastic.