Enoc Group, Quantafuel and Dubal Holding have signed an agreement to study the potential of establishing and operating Plastic-to-Liquid production plants turning plastic waste into valuable products and a step towards a circular economy.
Headquartered in Oslo, Norway, Quantafuel is a technology-based energy company that converts waste plastics back into low-carbon synthetic oil products replacing virgin oil products.
The UAE had recently announced "The UAE Net Zero by 2050 Strategic Initiative", a national drive to achieve net-zero emissions by 2050. The initiative aims to promote dynamic economic growth alongside positive environmental impact.
Dubai’s proposed Waste-to-Energy Project, which is likely to get commissioned by 2024, is expected to convert 1,900,000 tonnes of waste per year.
This project will be a major step in supporting the environment by redirecting the plastics from landfills and oceans in order to achieve Dubai government’s objective of zero waste going to landfill by 2030.
According to Enoc, the Plastic-to Liquid project with Quantafuel will be a significant step towards a circular economy by converting non-recyclable plastics into valuable products.
"This agreement strongly supports the UAE’s strategic initiative to make a significant contribution to global sustainability, and we are privileged to take part in this journey with Quantafuel and Dubal Holding," stated Group CEO Saif Humaid Al Falasi.
"Driving innovation and implementing sustainable operations is at the heart of what we do, and we look forward to exploring opportunities which will help build a sustainable, circular economy," he added.
Dubai Holding CEO Ahmad Bin Fahad said: "We are very happy to join forces with Quantafuel, a company that not only brings in a leading technology for converting plastic waste into valuable products, but also has extensive knowledge in plastic sorting and other means of recycling."
"Our vision is to pursue investments that champion recycling and sustainability and this partnership will help us on the way to build a circular economy in the UAE," he added.
"Quantafuel’s international presence keeps growing and I am very excited to be working with such strong partners as Dubal Holding and Enoc. Together, we can really make a difference and tackle the plastic waste in the region while at the same time creating valuable resources," stated its Chief Commercial Officer Chris Lach.
"We are also happy that our collaborating E&C contractor Saipem has agreed to work with us on this exciting journey," he added.