Geneva, Switzerland and Budapest, Hungary – July 24, 2025 – Gunvor, one of the world’s leading independent commodities trading companies, and New Energy (member of the NE-TECH Group), a Budapest-based technology company specializing in the advanced chemical recycling of end-of-life tires, are pleased to announce the signing of a strategic collaboration agreement aimed at jointly advancing the transition toward a circular economy.
According to the terms of the agreement, New Energy will supply Gunvor with pyrolysis oil produced from waste tires at its industrial-scale recycling facility located in Dunaharaszti, Hungary. This collaboration will include supplies from additional NE-TECH facilities under development in Karcag, Hungary, as well as in Western Europe and other regions outside the European Union.
The pyrolysis oil will be used as a feedstock for refineries, replacing conventional fossil-based raw materials. The use of chemically recycled oil reduces carbon emissions and aligns with key principles of circular economy models by enabling material reuse and waste minimization.
Ricardo Cordeiro de Sousa, Circular Naphtha and Pyrolysis Oil trader at Gunvor, commented: “On top of its conventional products, Gunvor is committed to increase its presence on the circular economy and the overall sustainable transition of the oil industry NE-TECH has a unique technology that is working on full industrial scale operating 24/7. We can offer both economic advantages and environmental benefits. We look forward to working with New Energy and sourcing products from its current and soon to be opened facilities in Europe.”
Viktor Varadi, CEO of NE-TECH Group, added: “This partnership underlines our successful development and optimization of our processes to maximize economic efficiency of our plant and technology. We are proud that we achieved this level, where we qualify our products to the high standards of Gunvor, and partner with one of the world’s leading independent commodities trading companies This collaboration will result in the production of more environment friendly products made by the petrochemical industry.”
The partnership between Gunvor and NE-TECH Group represents a meaningful step toward scalable, commercially viable circular solutions in the energy and chemical sectors.
About Gunvor
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers. Further information can be found at www.gunvor.com.
About NE-TECH Group
NE-TECH Group is an innovative technology group. Its group companies are specialized in the development and commercialization of solutions related to circular economy. NE-TECH’s main mission is to turn formerly untreatable polymer based and organic waste streams into useful raw materials for the petrochemical industry, thus addressing the unsustainable extraction of natural resources in an economically viable manner. NE-TECH has developed and commercialized a proprietary technology that can turn waste tires back to secondary raw materials to support circular economy strategies of its partners and customers. It also has two decades of operational experience in running a pyrolysis plant by group member New Energy. Further information about NE-TECH at www.ne-tech.eu
