ULSAN < invest Korea

                                                                                                                                                                             

According to Pulse by Maeil Business News Korea,

Chemical and recycle units of South Korea’s second-largest conglomerate have added new global partners as a part of the group’s endeavors to take leadership in carbon commitment at home and abroad.

SK chemicals announced on Monday that it signed a memorandum of understanding (MOU) with Chinese company Shuye Environmental Technology to form a joint venture (JV). SK chemicals in May last year acquired a 10 percent stake in Shuye for 23 billion won ($17.51 million) in return for an annual offtake supply of 20,000 tons of chemical recycling materials. SK chemicals would hold a 51 percent stake in the JV.

Through the JV, SK chemicals will build a depolymerization factory that can produce 100,000 tons of raw materials that can be recycled and a factory that can produce 200,000 tons of chemical recycle (CR-PET) and co-polyester.

The factories are scheduled to start operating as early as the end of 2024.

SK chemicals will continue expanding its global infrastructure for the production and supply of green materials. It is also reviewing plans to invest in equipment that can produce 50,000 tons of green material.

“The anti-plastics movement has been fueled by sustainable UN agreements and foreign and domestic plastic regulations,” said Kim Eung-soo, head of the co-polyester business at SK chemicals. By securing global bases we will continue expanding our recycled plastic business, he added.

SK chemicals, which became the first company to commercialize co-polyester ECOTRIA CR last year, began mass production of a chemically recycled PET brand SKYPET CR this year.

SK geo centric on the same day announced that it signed an MOU with French environmental company Veolia last Friday to expand its plastic recycling business in Asia.

The two companies will carry out joint research and development on polyethylene terephthalate (PET), polypropylene (PP), and waste plastic transformed by pyrolysis in Asia and will also collaborate on the construction of SK geo centric’s Ulsan recycling cluster.

Veolia, a French transnational company established in 1853, carries out water, waste, and energy management and offers recycling solutions.

“We are excited to launch our circular economy business in the Asian market by leveraging the eco-friendly capabilities of our two companies,” said President & CEO of SK geo centric Na Kyung-soo. SK geo centric will lead the circular economy industry in the Asian market starting with its waste-plastic recycling cluster in Ulsan, he added.

Shares of SK chemicals closed up 0.96 percent at 105,500 won on Monday.

By Pulse

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Source: Pulse by Maeil Business News Korea (July 25, 2022)