Fox Petroleum said it plans to finalize a joint venture to create a new recycling subsidiary, Recycling Compania de TG, to be located in the state of Chiapas in southern Mexico.

The subsidiary is expected to process up to five million pounds of post industrial and post consumer scrap plastics.

Fox Petroleum also said that the subsidiary once fully completed will produce up $10m of revenue per year.

The company seeks additional acquisition targets in the plastics recycling market place to increase its processing capacity.

Fox Petroleum is focused on acquiring, developing and operating plastic recycling operations throughout North America.