Saudi PIF-Owned SIRC Starts Export of Recycled PET Flakes to UK

SIRC’s headquarters in Saudi Arabia (company website)
SIRC’s headquarters in Saudi Arabia (company website)
TT

Saudi PIF-Owned SIRC Starts Export of Recycled PET Flakes to UK

SIRC’s headquarters in Saudi Arabia (company website)
SIRC’s headquarters in Saudi Arabia (company website)

The Saudi Investment Recycling Company, SIRC, said on Tuesday it successfully completed its first export of recycled and heat-washed PET flakes through its joint venture project under Yadoum’s Masab, to one of the largest manufacturers of recycled PET bottles in the United Kingdom.
This comes after the company started exporting the flakes -small fragments of PET bottles- earlier this year to manufacturers in Spain.
SIRC, a fully Public Investment Fund-owned company, said in a statement that this achievement marks an important step for Yadoum to enter the British market, a region with tremendous potential for importing recyclable materials.
This move is not the first of its kind, as SIRC had previously started exporting PET flakes to Spain earlier this year, increasing exports to over 1,650 tons.
Commenting on the achievement, SIRC Group CEO, Engineer Ziyad Alshiha said, “We take pride in contributing to the Kingdom’s sustainability objectives through this initiative.”
He added, “By reducing greenhouse gas emissions, diverting waste away from landfills, and supporting the Saudi Green Initiative, SIRC plays a key role in empowering local industries and promoting a more sustainable future.”
The company said it is also strengthening its partnership with major companies in Europe. This cooperation is expected to push towards further integration in the PET recycling sector and other fields, it added.

 



Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
TT

Oil Retreats as US and China Growth Concerns Weigh

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

Oil slipped on Monday, weighed down by Moody's downgrade of the US sovereign credit rating and official data that showed slowing growth in China's industrial output and retail sales.

Both developments raised concerns over the outlook for the world's two biggest economies and oil consumers a week after Beijing and Washington's agreement to roll back most tariffs on each other's goods pushed oil prices higher.

"The weaker than expected Chinese data is not helping crude oil, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo, Reuters reported.

Brent crude futures lost 57 cents, or 0.9%, to $64.84 a barrel by 1146 GMT while US West Texas Intermediate crude slipped by 54 cents, or 0.9%, to $61.95. The nearby June WTI contract expires on Tuesday.

Both contracts rose more than 1% last week.

Also weighing on the market were comments from US Treasury Secretary Scott Bessent that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in "good faith".

"Today's weakness is simply a continuation of crude's wild ride going nowhere, with the latest move triggered by the Moody's downgrade and not least Scott Bessent's warning," said Ole Hansen of Saxo Bank.

The official Chinese data on Monday showed growth in industrial output slowed in April, though performance was still better than economists had expected.

Investors are keeping an eye on progress in the Iran-US nuclear talks, with uncertainty over the outcome limiting losses in oil prices.

US special envoy Steve Witkoff said on Sunday that any deal must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran.

"The US-Iran nuclear negotiations are not clear cut and may take many months," said John Evans of oil broker PVM.