Exxon Mobil plans to speed up ‘advanced refining’

Exxon Mobil said Thursday it plans to invest more than $200 million in new advanced recycling capabilities, a sign that the oil giant remains optimistic about the controversial technology.

The investment will allow Exxon to add capacity at two facilities in Texas, increasing the company’s chemical recycling capacity to 500 million pounds of plastic waste per year, halfway toward its global 2027 goal of 1 billion pounds per year.

“We are confident in both the customer base and the feed supply chain for our plant, as well as the economics and technology,” Karen McKee, president of Exxon Mobil Product Solutions, said in an interview. “And that makes us feel confident about making these very significant investments.”

Petrochemical companies are touting advanced recycling, which involves using extreme heat to break down plastic waste into oil, as a way to help meet recycling goals by diverting plastic waste from landfills.