Israeli petrochemical group Bazan in deals to promote plastic recycling

JERUSALEM, April 3 (Reuters) - Israel's largest refinery and petrochemicals group, Bazan (ORL.TA), said on Sunday it bought a local recycled-plastics producer and has partnered to build two recycling plants to reach a target of using 15% recycled plastics by 2025.

Bazan, formerly called Oil Refineries, said it bought control of VPM Plast, which specializes in post-industrial recycling, in a deal that valued the company at 40 million shekels ($12 million).

Bazan also said it was partnering with two groups to build a facility that will sort, rinse and grind up to 10,000 tons of household plastic waste a year and a second, advanced plant that uses a chemical process to recycle plastic that otherwise would have been burned or buried.

($1 = 3.2022 shekels)

Reporting by Ari Rabinovitch Editing Steven Scheer

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