Phillips 66 Achieves ISCC PLUS Certification to Turn Oil from Waste Plastics into Feedstocks at its Sweeny Refinery

Rhea-AI Summary

Phillips 66 (NYSE: PSX) has announced that its Sweeny Refinery in Texas has received ISCC PLUS certification for processing pyrolysis oil derived from hard-to-recycle waste plastics into sustainable feedstocks. This certification demonstrates the company's commitment to a circular economy, where waste materials are reused. The refinery is now equipped to produce circular ethane, circular propane, and circular propylene, which will be utilized by Chemicals producers to advance sustainable plastic solutions. The Sweeny Refinery is the second Phillips 66 facility to obtain this certification, underscoring the company's focus on a lower-carbon future.

Positive

• Sweeny Refinery receives ISCC PLUS certification.
• Ability to process waste plastics into sustainable feedstocks.
• Supports advanced recycling and circular economy initiatives.

Negative

• None.

Texas refinery meets standards to process pyrolysis oil from hard-to-recycle waste plastics into sustainable feedstocks

HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) today announced it has received International Sustainability and Carbon Certification (ISCC) PLUS certification for its Sweeny Refinery in Texas to process oil made from waste plastics into feedstocks for new plastics.

“Phillips 66 is committed to keeping plastics out of the environment and driving toward a more circular economy where plastics packaging is reused, recycled or recovered,” said Zhanna Golodryga, Executive Vice President of Emerging Energy and Sustainability at Phillips 66. “The ISCC PLUS certification highlights the company’s resolve to create sustainable streams for waste materials and to support the growth of advanced recycling in plastics.”

ISCC is a globally applicable and industry recognized sustainability certification system that covers all sustainable feedstocks, including circular feedstocks produced from plastic waste. Its ISCC PLUS certificate covers bio-based and recycled, or circular, raw materials.

The certification for the Sweeny Refinery is the latest example of how Phillips 66 is working to play a key role in building a lower-carbon future by capitalizing on its core competencies and integrated assets.

The ISCC PLUS certification verifies the refinery meets the standards to process pyrolysis oil made from hard-to-recycle waste plastics into circular ethane, circular propane, circular propylene and other sustainable feedstocks and petrochemical building blocks. The products will be used to support polymer producers — including Chevron Phillips Chemical Company LLC, Phillips 66’s 50-50 joint venture — that are advancing a circular economy for plastics.

Chevron Phillips Chemical already produces Marlex^® Anew™ Circular Polyethylene at its Cedar Bayou complex in Baytown, Texas, and is targeting an annual production volume of 1 billion pounds of the circular polymer by 2030.

Sweeny Refinery, which is located in Old Ocean, Texas, on the Gulf Coast, is the second Phillips 66 refinery to achieve an ISCC PLUS certification and the first for the processing of waste plastic pyrolysis oil into circular feedstocks. Its Humber Refinery in the U.K. is ISCC PLUS certified to process used cooking oil, food waste and other circular feedstocks.

About Phillips 66

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

^{PHILLIPS 66 CAUTIONARY STATEMENT FOR THE PURPOSE OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995}

^{This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Forward-looking statements may be identified by the use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “targets,” “estimates” or other words of similar meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control. A discussion of factors that may affect future results is included in Phillips 66’s filings with the Securities and Exchange Commission. Phillips 66 disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law.}

View source version on businesswire.com: https://www.businesswire.com/news/home/20230124006069/en/

Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.com

Owen Simpson (investors)

832-765-2297

owen.simpson@p66.com

Thaddeus Herrick (media)

855-841-2368

thaddeus.f.herrick@p66.com

Source: Phillips 66

FAQ

What is the significance of ISCC PLUS certification for Phillips 66's Sweeny Refinery?

The ISCC PLUS certification allows the Sweeny Refinery to process pyrolysis oil from waste plastics into sustainable feedstocks, showcasing its commitment to sustainability.

How does Phillips 66 plan to use the certification from ISCC PLUS?

The certification enables Phillips 66 to produce circular raw materials that will support polymer producers in advancing a circular economy.

What products can the Sweeny Refinery produce after receiving the certification?

The refinery can produce circular ethane, circular propane, and circular propylene from processed waste plastics.

Does the ISCC PLUS certification impact Phillips 66's stock symbol PSX?

Yes, the certification enhances the sustainability profile of Phillips 66 (PSX), which may positively influence investor perception and stock performance.

When was the ISCC PLUS certification announced for Phillips 66's Sweeny Refinery?

The announcement was made on January 24, 2023.