Why is it material?
The sustainable and optimal use of materials and natural resources throughout their life cycle is an important business opportunity and mirrors our commitment to environmental protection.
Petroleum products - by-products that are characterized as waste (produced by our Group or by third parties) at a certain stage of their life cycle, constitute a major opportunity for us when reused as raw material in our production facilities or recovered to be used by third parties as a fuel according to our business approach towards circular economy.
Constantly reducing the amount of waste for final disposal contributes significantly not only to minimize impact on the environment and to human health, but also toward substantially reducing our operating costs.
We adopt and implement circular economy principles in the design and implementation phases of our investment strategy through best practices and technologies across our product lifecycle, such as:
- reuse of water with the aim of reducing fresh water consumption and wastewater production.
- reduction of solid waste for landfill through investments in modern waste treatment plants and through synergies for further use by third parties, such as energy use of refinery oily waste by third parties or other waste as additives in their products.
- developing synergies toward the recovery of waste for energy and / or raw materials within the Group’s numerous activities, such as the re-refining of wastewater from fuel storage facilities.
By applying Best Available Techniques to the production process and operating innovative waste treatment processes, we continue to recover significant amounts of oily waste at our refineries, while steadily reducing waste and minimizing what cannot be of further use.
Our priority is to continuously increase the utilization rate throughout the life cycle of the materials and natural resources by recycling and re-using them in our production process, as well as by developing broader synergies for their use.
Our goal is to significantly reduce waste to final disposal – landfill (up to 15% by 2030).