Dubal Holding, Quantafuel and BASF have now signed an agreement to entered into the FEED stage of the recycling plant.
After a six-months study of the design parameters the three parts of the agreement for the development of the recycling plant can now move to the next step.
A potential final investment decision (FID) is targeted for early 2023.
Dubal Holding, the investment arm of the Dubai Government in the commodities and mining, power and energy, Quantafuel, a technology-based recycling company, and global chemical company BASF will develop a plant for chemical recycling of waste plastics in Dubai.
The PtL project will be a significant step towards a circular economy converting low-quality, non-recyclable plastics into valuable products and by that helping Dubai achieving its objective of zero waste going to landfill by 2030.
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Italian engineering and construction major Saipem has been chosen as the FEED service provider. The FEED for the development of the 80,000 tonnes per year plant will be done in 2022, with the potential final investment decision scheduled for early 2023.
CEO of Dubal Holding, Ahmad Hamad Bin Fahad, said: “This agreement is an important step towards a cooperation that will foster advancement of sustainable technology and help attain circular economy in the UAE.
"The basis of this agreement is to pursue investments that favour recycling and sustainability in the region. This project is in line with Dubal Holding’s commitment to invest in promising projects, giving the Emirate a leading position globally in this emerging field."