Exxon Mobil said Thursday that it plans to invest more than $200 million in new advanced recycling capabilities in a sign that the oil giant remains bullish on the controversial technology.
The investments will enable Exxon to add units at two Texas facilities that would bring the company’s chemical recycling capacity to 500 million pounds of plastic waste per year — halfway to its global 2027 goal of 1 billion pounds per year.
“We have confidence in both the customer base, the supply chain to get feed to our facility, and the economics and the technology,” Karen McKee, president of Exxon Mobil Product Solutions, said in an interview. “And that’s driving us with confidence to make these very substantial investments.”
Advanced recycling, which involves using extreme heat to break down plastic waste into oil, is touted by petrochemical companies as a way to help meet recycling targets by diverting plastic waste from landfills.
