Vitol B.V., one of the world’s leading energy and commodities companies, has successfully completed the majority of its acquisition of a controlling interest in Waste Plastic Upcycling A/S (WPU), a Danish firm specializing in the recycling of waste plastics. As of December 20, Vitol owns 89.14% of WPU's share capital, with the final portion of the acquisition expected to be completed by Monday, December 23, raising Vitol’s total ownership stake to 90.36%.

The deal, initially announced on December 17, marks a significant step in Vitol’s ongoing efforts to address the global plastic waste crisis. WPU uses batch pyrolysis technology to upcycle end-of-life plastic waste into valuable oil products, such as Naphtha, which can be further distilled into kerosene and jet fuel. This innovative technology plays a critical role in transforming plastic waste into usable energy products, contributing to a more sustainable circular economy.

WPU, which is based in Denmark, operates a commercial-scale facility in Farevejle with an annual recycling capacity of 30,000 tonnes of waste plastic. The company also has plans for expansion, with two additional sites set to bring WPU’s total recycling capacity to 180,000 tonnes per year by 2026. The acquisition by Vitol is expected to accelerate this growth, helping WPU scale its operations and technology to meet the increasing demand for sustainable plastics recycling solutions.

The move is seen as part of Vitol’s broader strategy to invest in energy transition technologies and sustainable practices that address the growing environmental concerns associated with plastic waste. With over 400 million tonnes of plastic waste produced globally each year, effective recycling solutions have become a key focus for companies, governments, and environmental organizations alike. At the same time, the demand for plastics is expected to continue rising, particularly in industries such as packaging, automotive, and consumer goods, even as demand for traditional oil products such as gasoline and gasoil starts to decline.

Tom Baker, Head of Naphtha at Vitol, emphasized the importance of scalable and efficient plastics recycling. "Plastic waste is a global problem, and effective and scalable plastics recycling solutions are urgently needed," said Baker. "WPU’s technology turns waste into usable products, creating the possibility of a circular plastics system. We look forward to working with WPU as they expand and develop the business."

The acquisition of WPU aligns with Vitol’s commitment to sustainability and its efforts to diversify its portfolio in line with the global transition toward cleaner energy solutions. By investing in waste-to-oil technology, Vitol is helping to close the loop in the plastics lifecycle, turning waste materials into valuable resources that can be used for energy production, thus reducing the environmental impact of plastic waste.