British oil giant BP on Monday stated that it had signed a strategic cooperation deal with China Resources Chemical Innovative Materials Holdings Limited (CRC), one of China’s leading PET producers. Under the deal, BP agreed to invest in CRC and become its shareholder. Both companies also agreed to strengthen cooperation in PTA sourcing and in exploring opportunities in the polyester value chain.
CRC is a major producer of non-fibre-grade polyester and is a regular buyer of BP-produced PTA. Its manufacturing facilities in Zhuhai, Guangdong province and in Changzhou, Jiangsu province have a PET production capacity of 2.2 million tons/year. CRC’s research and development division is developing various advanced downstream products, including polyethylene terephthalate glycol (PETG).
BP is one of the world’s leading PTA, which can produce up to 2.4 million tons/year of the material from its Zhuhai production facility in southern China. BP uses its proprietary PTA process technology that is more energy-efficient, produces less solid waste, and uses less water compared to similar methods. BP has also developed infinia technology to convert PET plastic waste into virgin-quality feedstocks.
