A billion-dollar tyre recycling plant is going to be established in Brunei over a period of five years through the joint efforts of Brunei Economic Development Board (BEDB) and ACI Corporation Ltd.

The Borneo Bulletin reports that the project is at an estimated cost of US$1.82 billion and once completed, it is expected to generate 1,220 jobs for the local workforce.

The signing ceremony of a memorandum of understanding (MoU) between BEDB and ACI on the project is scheduled to be held next week. Delegations from Abu Dhabi, the Middle East centre for ACI processing hub on tyre recycling is expected to arrive in Brunei for the MoU signing ceremony.

ACI Corporation Ltd has developed a process that transforms scrap tyres and other suitable rubber products into valuable raw materials using a worldwide patented and proven cryogenic process.

Brunei has been chosen as its Asian location for the processing hub.

Apart from Asia, ACI plans to build processing hubs, which will be the first of their kind, in the United States and Middle East to ultimately process up to 60 per cent daily of the one million tyres currently discarded in each of these regions.