PAX PETROKİMYA SANAYİ VE DIŞ TİCARET is in the process of establishing a one-of-a-kind PLASTIC CONVERSION NETWORK – PCN HUB in Turkey in a joint-venture with an American publicly-held subsidiary company Clean-Seas Inc. PCN Pyrolysis plant is being established in Turkey to address the dire need of waste plastic which has become the top priority initiative with Turkey’s First lady Emine Erdoğan as she takes pride in Turkey’s zero waste success.
Clean Vision’s Clean-Seas Signs Binding Term Sheet with Turkish O&G Project Dev Firm to Establish PCN Pyrolysis Plant
Clean-Seas and Pax Petrochem to Pursue Building 150/TPD Facility in Turkey
Los Angeles, CA – June 14, 2022 – Clean Vision Corporation (OTCQB: CLNV) (the “Company”), today announced its wholly owned Clean-Seas, Inc. (C-S) subsidiary has signed a binding term sheet with Pax Petrokimya Sanayi Ve Dis Ticaret Limited, Şirketi (PPI) to jointly pursue the development of a commercial-scale waste plastic-to-energy plant as the Company’s first PCN host facility in Turkey -- as C-S seeks to strategically expand its global footprint.
PPI (also known as Pax Petrochem), is headquartered in Istanbul. With a history of over forty years in diversified industrial and management fields including shipping, oil & gas, investments, project development and property development, PPI’s parent company Pax International was founded in Houston, Texas in 1976 and, over the years, its operations spanned the globe from Houston to Singapore to Dubai to Assaluyeh to Shanghai to Istanbul.
As the world’s fifth largest city, Istanbul is a highly strategic location, with a population of 15 million comprising 18 percent of Turkey’s 83 million people. Turkey straddles both Europe and Asia, and Istanbul is a global commercial transportation hub where the Black Sea and Aegean Sea meet. Turkey has a dynamic economy, having posted 7.3% GDP growth in Q1. C-S believes that Turkey is an ideal host nation for C-S’ PCN.
Turkey’s ratification of the 2015 Paris climate agreement complements its global environmental acclaim as it’s already a signatory for the Vienna Convention for the Protection of the Ozone Layer, the Montreal Protocol, the Rotterdam Convention, the Stockholm Convention on Organic Pollutants, the Kyoto Protocol and the Barcelona Convention. The Turkish Environmental Agency (TUÇA) under the Environment and Urbanization Ministry will conduct a zero-waste management project to boost the economy through recycling. First lady Emine Erdoğan’s Zero Waste Project recycles 24.2 million tons of trash nationwide aimed at a recycling recovery rate of 60% by 2035. Its recycling rate has nearly doubled from 13 to 22.4 percent since 2017 including 4.1 million tons of plastic.
Clean-Seas V.P. of Business Development, Dan Harris, commented, “We’re excited to work with PPI; it is highly qualified technically and strategically. We believe producing pyrolysis oil, AquaHtm hydrogen, char, and lubricants – while reducing the waste plastic and climate change crises -- can serve as a green, next-generation extension of the conventional petrochemical business offering unlimited potential.”
“Our goal for PCN is quite literally global,” Dan Bates, CEO of Clean Vision, added. “With our signing the Brittany binding term sheet in France, and our recently reported planned PCN project in Morocco -- Istanbul now solidifies our footprint at both ends of the Mediterranean. All three countries are environmentally progressive which should make for a win-win all around.”C-S /PPI Binding Term Sheet Highlights
The binding Term Sheet is intended to govern the relationship between the parties until such time that a formal definitive agreement may be implemented. It provides for the two companies to enter into a business relationship in which C-S will establish a new US company, Clean-Seas Turkey, LLC (CST), and PPI will set up any corresponding business entities as needed within Turkey.
Under the terms, CST is to:
- Manage construction, operations, contractors, finances and off-take customers for pyrolysis oil, AquaHtm hydrogen, char, and lubricants for a 150 tons-per-day (TPD) pyrolysis facility -- with potential for expansion.
- Hold a controlling stake in the resultant jointly owned entity.
- Secure the needed capital to begin operations of 150 TPD.
PPI is to:
- Provide suitable land to support 150-TPD processing, and additional land for expansion if later agreed upon.
- Obtain all licenses and permits as required, and secure tax incentives if available.
- Source feedstock and assist with off-take agreements.
- Ensure compliance with Basel Convention rules for the responsible storage and recycling of feedstock coming from other nations.
About Clean-Seas, Inc.
Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It is seeking to provide efficient and cost-effective technology solutions that address the global waste plastic crisis as well as creating economic opportunity and social benefit in emerging and developed economies across the world. Clean-Seas offers pyrolysis technology deployment for plastic waste-to-energy recycling, including securing feedstock and off-take agreements. For more information, visit: clean-seas.com
About Clean Vision Corporation
Clean Vision is a public company that acquires and operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com and follow us on Twitter:@CleanVisionCorp
About PAX Petrochem International
With a history of over forty years in diversified industrial and management fields including Shipping, Oil & Gas, Investments, Project Development and Property Development, PAX INTERNATIONAL began its journey in Houston, Texas in 1976 and over the years, its operations spanned the globe from Houston to Singapore to Dubai to Assaluyeh to Shanghai to Istanbul. Visit: paxpetrochem.com