Could be.... but its not going to be 1:1. Plastic has long chain carbon stuff (which is what is produced from and therefore returns to oil) but also a bunch of other stuff. Plasticisers and stuff like that.
Something like LDPE (low density poly ethylene) which is most shopping bags if my memory is correct, is mostly ethylene is mostly ethylene (duh) which is usable as a fuel. Plus some other stuff than makes it soft and bendy, plus dyes, and whatever.
The technology to turn plastic back to oil has been around for 50 years. The problem is energy return. Up until now you have to put in maybe 2l of oil energy equivalent to get 1l of oil back out of plastic. If they have got the EROI down to under 1:1 then it may be worthwhile. If not then its a way of converting a lot of electrical energy into a smaller amount of chemical energy.
Cheers
Dave