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)
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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.

 



Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Türkiye Receives Waiver for Gas Payments to Russia from Gazprombank Sanctions

A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Gazprombank at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

Türkiye has received an exemption for gas payments to Russia after the United States imposed sanctions on Gazprombank, Turkish Energy Minister Alparslan Bayraktar revealed in response to a question from Reuters.

The US imposed new sanctions on Russia's Gazprombank in November, creating an obstacle for buyers of Russian gas, which had been using the bank to make payments. They have since been seeking clarification and exploring other ways to pay.

Türkiye imports almost all its gas requirement and Russia is the top supplier, providing more than 50% of the country's pipeline imports.

Ankara's pipeline gas imports from Russia stood at 21.1 bcm last year.

Türkiye had requested an exemption in discussions with US officials so that it can continue paying for Russian natural gas imports via Gazprombank.

The US on Thursday also granted a waiver to Hungary, which mainly relies on Russian oil and gas.