Chevron Phillips sources renewable feedstock from New Hope
Chevron Phillips Chemical has signed a long-term agreement to purchase ISCC PLUS certified renewable chemical feedstock produced through pyrolysis from New Hope Energy.
The International Sustainability and Carbon Certification (ISCC) is a certification system that offers solutions for the implementation and certification of sustainable, deforestation-free and traceable supply chains of agricultural, forestry, waste and residue raw materials, non-bio renewables and recycled carbon materials and fuels. Independent third-party certification ensures compliance with high ecological and social sustainability requirements, greenhouse gas emissions savings (on a voluntary basis under ISCC PLUS) and traceability throughout the supply chain.
Chevron Phillips Chemical Company, LLC is a petrochemical company jointly owned by Chevron Corporation and Phillips 66. The company was formed July 1, 2000 by merging the chemicals operations of two U.S.-based global energy majors — Chevron Corporation and Phillips Petroleum Company.
New Hope Energy builds advanced recycling plants that process scrap plastic and municipal solid waste into certified renewable chemical feedstocks. New Hope Energy has future plans to create Sustainable Trade Zones to co-locate eco-friendly businesses to facilitate the circular economy. This agreement is a milestone in New Hope Energy plans to collaborate with international partners to meet their sustainability commitments.
New Hope Technologies, an affiliate of New Hope Energy, has entered into a Joint Development and Commercialization Agreement with Green Circle, a division of Lummus Technology, a world leader in licensing proprietary processes for the petrochemical, refining, and circular economy markets, to scale and license New Hope proprietary processes and equipment on a world-wide basis. New Hope Fabrication, a subsidiary of New Hope Energy, will be the exclusive manufacturer of the proprietary equipment and Lummus Technology will provide a production and quality guarantee on the equipment and output.
Trinity Oaks Tyler Phase I is the first of many plants to be built by New Hope and is now operating 24/7 to produce the ISCC PLUS certified renewable chemical feedstock for Chevron Phillips Chemical. New Hope is committed to helping create a circular economy and anticipates other long-term agreements with major oil and other international companies in the near future, to facilitate their sustainability goals.