Indorama Almost Triples Brazilian PET Recycling Facility
Indorama Ventures which is one of the biggest producers of recycled Polyethylene Terephthalate (PET) resin in the world, has almost tripled its recycling capacity at its Brazil facility
The capacity of the recycling facility has been increased from 9,000 tons to 25,000 tons per year of PET made from post-consumer recycled (PET-PCR) material.
The project is part of Indorama Ventures’ Vision 2030 ambition to continue building a sustainable global company, including spending $1.5 billion to increase its recycling capacity to 50 billion PET bottles per year by 2025.
Indorama Ventures has invested US $20 million to optimise its Brazil facility’s processes and acquire new equipment such as washing machines to help remove labels, grind bottles in water and reduce water consumption by 70 percent.
In November 2020, the IFC provided a $300 million in Blue Loan funding to Indorama Ventures with the objective of increasing recycling capacity and diverting plastic waste from landfills and oceans.
Blue Loan funds are certified and tracked for projects that support sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.