29-02-2024

MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC

Mitsui O.S.K. Lines Ltd, and Idemitsu Kosan Co Ltd, announced the joint start of a demonstration test on the recycling of used plastic waste generated aboard a very large crude carrier (VLCC, Note1) (Recycling of used plastics into oil, Note 2).

The demonstration test will be conducted on the VLCC Suzukasan chartered by the Idemitsu Tanker Co., Ltd., a subsidiary of Idemitsu Kosan, from MOL.

Idemitsu Kosan subsidiary Chemical Recycle Japan Co., Ltd. will use the VLCC waste plastic as raw material, produce generated oil by its technology of recycling of used plastics into oil. Idemitsu Kosan will verify the feasibility of recycling used plastics generated on MOL-operated vessels, including VLCCs, by confirming whether the generated oil produced by this process can be used as a raw material for petrochemical products and fuel oil.

In the future, the companies aim to produce “Renewable Chemicals” and “Renewable Fuel Oil” (Note 3) with its oil refining and petrochemical equipment, using generated oil derived from used plastic generated on VLCC.

This project is a follow-up to the demonstration test on recycling marine plastics that the two companies have conducted since September 2023.

The MOL Group has positioned environmental strategy as one of the key elements of its “BLUE ACTION 2035” management plan. The company has also set "conservation of the marine and global environment as one of its sustainability issues (materiality), and established the "MOL Group Environmental Vision 2.2" to demonstrate its targets and actions. Along with initiatives to protect the marine environment, including the collection of marine plastic waste, the entire group is working to reduce the impact of various activities on the global environment as it seeks to address climate change and protect biodiversity. The group contributes to the sustainable growth of people, society, and the Earth, and ensures a prosperous future from the blue oceans.

Toward the realization of a carbon-neutral society in 2050, Idemitsu Kosan has set forth its vision for 2030, "Your Reliable Partner for a Brighter Future," and its vision for 2050, "Shaping Change." In the Medium-term Business Plan (fiscal years 2023-2025) announced 2022, we expressed our commitment to fulfill our "Responsibility to support people and their daily lives" and "Responsibility to protect the global environment now and in the future" through social implementation in the following "3 business domains."

The initiative to recycle used plastic waste generated aboard on VLCCs is an important initiative for social implementation of "Diverse resource conservation/circulation solutions," one of the three business areas stated in the company's medium-term management plan.

Both companies will work together to realize a recycling-oriented society and pursue marine environmental conservation.

Note 1.Used plastic generated on VLCCs: Used plastic derived from household-type waste generated onboard VLCCs while underway.

Note 2.Recycling of used plastics into oil: The technology for converting used plastics into oil, and producing renewable chemicals and renewable fuel oil, using the generated oil as raw material. Please refer to Idemitsu Kosan’s previous press release.
April 20, 2023: Decision to Invest in Commercial Production Facilities for Recycling of Used Plastics into Oil

Note 3.“Renewable Chemicals” and “Renewable Fuel Oil”: Chemicals and fuel oil produced from generated oil by the recycling of used plastics technology.