Quantafuel ASA | Quantafuel, DUBAL Holding and BASF sign FEED agreement for plastic recycling in Dubai

Quantafuel ASA | Quantafuel, DUBAL Holding and BASF sign FEED agreement for plastic recycling in Dubai

04 Aug 2022 08:00 CEST

Quantafuel, DUBAL Holding and BASF are moving to the front-end engineering and
design (FEED) stage on the plant for chemical recycling of waste plastics in
Dubai. After a six-month feasibility study where the main design parameters have
been defined and the site and feedstock secured, the project is now entering the
FEED stage with BASF as partner for the new phase of the project. A potential
final investment decision (FID) is targeted for early 2023.

The technology-based recycling company Quantafuel has together with DUBAL
Holding, the investment arm of the Dubai Government in the commodities and
mining, power and energy, and industrial sectors, and global chemical company
BASF SE, signed an agreement to carry out a front-end engineering design (FEED)
for developing a Plastics-to-Liquid (PtL) processing plant in Dubai.

The PtL project will be a significant step towards a circular economy converting
low-quality, non-recyclable plastics into valuable products and by that helping
Dubai achieving its objective of zero waste going to landfill by 2030.

The partners have agreed to cooperate and share the cost for the development of
the plant based on the learnings from and optimization of Quantafuel's first
full-scale commercial plant in Skive, Denmark. Italian engineering and
construction major Saipem has been chosen as the FEED service provider. The FEED
for the development of the 80,000 tons per year plant will be done in 2022, with
the potential final investment decision scheduled for early 2023.

Ahmad Hamad Bin Fahad, CEO of DUBAL Holding LLC, said: "This agreement is an
important step towards a cooperation that will foster advancement of sustainable
technology and help attain circular economy in the UAE. The basis of this
agreement is to pursue investments that favor recycling and sustainability in
the region. This project is in line with DUBAL Holding's commitment to invest in
promising projects, giving the Emirate a leading position globally in this
emerging field."

Chris Lach, Chief Commercial Officer of Quantafuel ASA said: "It is encouraging
to see that this project in Dubai has taken pole position in Quantafuel's
project portfolio. Based on our learnings in Skive and the completed feasibility
study, we are pleased that this strong partnership has decided to move forward
with FEED towards FID."

Udo Huenger, Vice President and Head of Market Area Middle East, BASF FZE, said:
"We are excited about the opportunity to be a partner in this FEED study for the
Plastics-to-Liquid plant in Dubai based on our know-how in the European
ChemCycling(TM) project. Supporting our technology partner Quantafuel and
working with the visionary people at DUBAL Holding to drive Dubai's vision of
zero waste to landfill by 2030, brings us another step closer to a circular
economy."

For further queries, please contact:
Lars Rosenløv, CEO +47 93018040
Kristian Flaten, CFO +47 95092322

About BASF
BASF creates chemistry for a sustainable future. BASF combines economic success
with environmental protection and social responsibility. Around 111,000
employees in the BASF Group contribute to the success of its customers in nearly
all sectors and almost every country in the world. BASF's portfolio comprises
six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies,
Nutrition & Care and Agricultural Solutions. BASF generated sales of €78.6
billion in 2021. BASF shares are traded on the stock exchange in Frankfurt (BAS)
and as American Depositary Receipts (BASFY) in the U.S. Further information at
www.basf.com.

About Quantafuel
Quantafuel is a technology-based recycling company converting waste plastics
back into low-carbon synthetic oil products replacing virgin oil products.
Quantafuel is establishing, operating and owning dedicated plastic-to-liquid
(PtL) plants and plans to establish several plants throughout Europe and beyond.

About DUBAL Holding
DUBAL Holding LLC, a 100% subsidiary of Investment Corporation of Dubai (ICD),
is an investment holding company focused on Utilities, Non Ferrous Metals,
Recycling & Industrial products to support the industrialization in UAE through
localization initiatives.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Kristian Flaten, CFO, 4 August 2022 at CET 08:00.

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Source

Quantafuel ASA

Provider

Oslo Børs Newspoint