Egyptian investment firm Raya Holding has completed the disposal of Bariq, its PET recycling specialist subsidiary, to Intro Group, a privately-owned Egyptian conglomerate comprised of a diverse group of companies in various fields including trading and commercial representation; oil and gas; and engineering.
Bariq’s recent annual growth rate has been up to 20%.
Intro Group recently started to focus on green economy and sustainable energy. It established Intro Sustainable Resources as a developer and operator of projects in environment and sustainability, mainly in renewable energy generation, power distribution and waste management, through Intro Resource Recovery. It is this subsidiary that acquired Bariq, which will now be part of its waste management portfolio. Intro Resource Recovery’s projects include refuse derived fuel (RDF), waste management systems and digitalization. Its new ownership will allow Bariq to diversify in the waste management business and strengthen its corporate image in sustainable resource recovery. It will also support its expansion strategy, including new capacity planned to be online by 2023.
Bariq processes post-consumer bottles into FDA, Efsa, Reach, Health Canada & GRS compliant food-grade PET pellets. The facility complies with BRC and Sedex directions. It exports to global bottle and food container producers brands and major fiber producers throughout Europe and North America. With a combined annual capacity of 31 kt, made up of 16kt of rPET flakes and 15kt of rPET food grade pellets, Bariq currently recycles 1.6 billion PET bottles/year.
Bariq says that its processes use advanced, sustainable technology from major European suppliers. Its portfolio of recycled products extend from food and non-food-grade PET (in both clear and green colours) to injection grade r-PP and r-HDPE.