LyondellBasell and 23 Oaks Investments to form a joint venture Source One Plastics.

LyondellBasell, a multinational chemical company, and 23 Oaks Investments, a holding company, agreed to form a joint venture named Source One Plastics, an advanced plastic waste sorting and recycling facility. Financial terms were not disclosed. "With our global experience at all levels of the circular economy and our extensive knowledge in all areas of the plastic recycling value chain combined with our strong hands-on approach, we feel we have right mix of competencies to make Source One Plastics a success. Together with LyondellBasell's commitment to expand on its circular polymer product offering and its work to develop advanced recycling into an industrial scale technology, 23 Oaks can contribute its part to make this a reality," Kai Hoyer, 23 Oaks Investment Managing Partner.