Circtec and bp sign offtake and €12.5M funding agreements for production of renewable fuels and circular chemicals
bp has signed an eight-year offtake agreement with Circtec, a UK-based technology company that develops and operates innovative pyrolysis chemical process technology and whose plants convert hard-to-recycle waste tyres into HUPATM - Circtec’s proprietary renewable drop-in marine fuel, and circular naphtha petrochemical feedstock. Under the agreement bp is committed to purchasing up to 60,000 tonnes per year of HUPATM renewable drop-in marine fuel and up to 15,000 tonnes per year of circular naphtha petrochemical feedstock, on a take-or-pay basis, from Circtec’s new commercial-scale plant, for eight years after the new plant is commissioned.