Claiming to be an industry first, the partnership will take a 50% stake in QCP, which is based at Sittard-Geleen in the Netherlands.
The facility currently converts consumer waste into 25,000 tons of polypropylene (PP) and high-density polyethylene (HDPE) every year.
LyondellBasell will market QCP materials and Suez will be responsible in feeding of the plant with post-consumer plastic waste.
Jean-Marc Boursier, who is in charge of recycling & recovery in Europe at Suez, said: “This partnership represents a new step in Suez plastics strategy in Europe, and it will help to reach our objective to process 600,000 tons of plastic waste in 2020.”
QCP has produced high-quality raw materials for the plastics industry since 2014.