Exxon Abandons Plans for Chemical Recycling Projects across Europe Valued over $100 Million
In a recent statement, Peter Huntsman, CEO of chemicals manufacturer Huntsman, expressed concerns about Europe's regulatory environment, suggesting that it is becoming too burdensome for companies. However, Huntsman's statement did not indicate any plans for Huntsman to cease operations or investments in Europe.
Meanwhile, Exxon Mobil, the American multinational oil and gas corporation, has paused more than $100M in planned spending for two European chemical recycling projects. The projects, intended for Belgium and the Netherlands, were meant to recycle 80K metric tons/year of plastics.
Exxon Mobil senior VP Jack Williams stated that the projects are on hold due to concerns over new draft rules in the European Union. The EU proposal on chemical recycling could lower the amount of recycling credits Exxon Mobil can claim for processing at existing petrochemical plants.
Williams visited Brussels on Wednesday to discuss the situation. He emphasised that EU policy is the only thing standing between Exxon Mobil and developing these projects.
It is worth noting that the names of the individuals criticising the EU proposals for chemical recycling are not explicitly mentioned in the available search results. The criticism is attributed collectively to associations from the plastics, chemical, recycling, and disposal industries rather than named persons.
Peter Huntsman's statement did not provide specific details about which sectors are considered uninvestable, nor did it mention any other companies that share his sentiment. Furthermore, it did not provide any timeline for when these conditions might improve, nor any information about the specific regulations or energy costs he is referring to.
Despite the challenges, Exxon Mobil had local support for the projects and expressed a desire to make the investments. The company had planned to spend €100M (~$119M) on the two recycling projects.
As Europe continues to grapple with waste management and sustainability issues, the pause in these recycling projects highlights the delicate balance between regulatory compliance and economic viability.
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