Bazan Group Inks Deal with UBQ Materials to Incorporate Climate Positive Thermoplastic into Resin Product Lines

TEL AVIV, Israel  and HAIFA, Israel, Oct. 25, 2021 /PRNewswire/ -- Bazan Group's wholly-owned subsidiary, Carmel Olefins (CAOL), Israel's sole manufacturer of petrochemicals for raw materials in the plastics industry, together with UBQ Materials, developer of the leading climate-positive thermoplastic material on the market, announced today an agreement to incorporate the patented bio-based material, UBQ™, with the resin production of CAOL. The development of reduced carbon resins will be done in cooperation with Ducor Petrochemicals, CAOL's subsidiary in Rotterdam, Netherlands.

Using an advanced patented conversion process, UBQ Materials turns unsorted landfill-destined municipal waste into UBQ™, a climate-positive, cost-competitive, and fully recyclable thermoplastic. UBQ™ can be used both on its own and in conjunction with traditional resins made out of oil to of­fset the overall carbon emissions of end-products. 

The initial quantities of UBQ™ will be supplied by UBQ's facility in Tze'elim, Israel, with subsequent supply of ten thousand annual tons to come from the company's Netherlands facility, to be operational in Q4 2022. The UBQ™ thermoplastics will be incorporated into CAOL and Ducor's development of "Eco CAPILENE®", a new resin market offering of specialty polypropylene, providing carbon-reduced and recyclable materials to manufacturers.

"This agreement is another step towards implementing our new sustainability strategy. As part of our vision, we are increasing our portfolio of advanced and upcycled polymers to supply the polymers industry with innovative, sustainable options," said Malachi Alper, CEO of Bazan Group.

Bazan Group's new sustainable strategy, announced in July, outlines Bazan's evolution from a company producing refined petroleum products and polymers to a leading supplier of renewable energy for transport and of advanced polymers. Bazan has set an objective of reaching 15% green polymers by 2025 and 30% green polymers by 2030.

"Until now, UBQ has partnered with brands and manufacturers of durable goods. Integrating UBQ™ at the resin production stage, not only expands the distribution of the material across the supply chain, but opens doors for new customers and new applications," said Tato Bigio, Co-founder and Co-CEO of UBQ Materials.

"We can now support our clients' SDG (Sustainable Development Goals) by delivering polymers infused with a competitive material that offsets climate emissions and diverts waste from landfills," said Asaf Almagor, VP – Director, Polyolefin Business Unit at Bazan Group. "Bazan supplies the global polypropylene market with more than 500 thousand tons of polypropylene per year, and integrating UBQ™ will enhance our resins' environmental profile, driving the industry's transition to greener initiatives."

About Bazan Group

Bazan Group is the largest refinery and petrochemicals conglomerate in Israel and one of the leading energy groups in the region. Bazan's refinery sector has a high degree of complexity and has an array of cutting-edge facilities with a refining capacity of 9.8 million tons of crude oil per annum. The refining sector provides a variety of quality products for industrial use for transport, private consumption, agriculture, and infrastructure alongside aromatic products via Bazan's wholly owned subsidiary, Gadiv Petrochemical Industries Ltd. In addition, Bazan Group produces polymer products via the wholly-owned subsidiaries Carmel Olefins Ltd. and its wholly owned subsidiary Ducor which is located in the heart of Rotterdam port.

Bazan has been traded on the TASE since February 2007 and is included in the TA-125 Index.

Link to the Company website:  www.Bazan.co.il

About UBQ Materials

UBQ Materials Ltd. has developed an advanced conversion technology, patenting the world's first bio-based thermoplastic (UBQ™) made entirely of unsorted household waste; a revolutionary way to divert municipal solid waste from landfills and convert it into a sustainable substitute for oil-based plastics. A certified B Corp, UBQ is a recent recipient of the 2020 Future of Plastics Award and 2020 Quality Innovation Awards. UBQ's customers include global retail solutions provider Mainetti, Daimler, the manufacturer of Mercedes-Benz, and Arcos Dorados, the world's largest franchisee of McDonald's restaurants across Latin America. 

With a climate-positive impact and cost-competitive price, UBQ™ empowers manufacturers with a simple transition to greater sustainability. Learn more by visiting UBQMaterials.com.

SOURCE UBQ Materials Ltd.

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