SK geo centric to build plastic recycling cluster in Ulsan as hub for global push
South Korea’s SK geo centric Co., renamed SK global Chemical for green identity last year, will expand urban oilfields in Asia with an ambitious goal of obtaining three chemical recycling technologies – pyrolysis, depolymerization and ultra-pure recycling, said its managing director. Officer Na Kyung-soo.
In an exclusive interview with Maeil Business Newspaper last week, Na unveiled the company’s green business plan to “expand its plastic waste recycling cluster from Ulsan, Korea, China and Asia du Sud-Est” in partnership with North American green tech names Loop Industries and PureCycle Technologies. .
Last year, SK geo centric announced its transfer into a green company focusing on three chemical recycling technologies such as pyrolysis, depolymerization and ultra-pure recycling. He took the lead in the environmental arena by securing the exclusive right to join Loop Industries’ PET recycling business in Asia. In addition, SK geo centric recently participated in the private placement of PureCycle Technologies as a strategic partner, accelerating the PP recycling business in Korea and discussing opening a route to China and the Eastern region. South East Asia.
Na sees China as the first market for its overseas forays, with producers taking responsibility for waste collection in the country.
“The company has already been in talks with local entities with the aim of forging a partnership with China’s major plastic products manufacturers for the project,” he added.
Vietnam teeming with garment factories is another attractive market, as waste dyes and textiles can be turned into useful products with values, according to Na. As part of a larger global plan, SK geo centric will first build a plastic waste recycling hub in Ulsan, South Gyeongsang Province, investing a total of 1 trillion won ($811 million). dollars) and bringing together chemical recycling technologies from Loop Industries and PureCycle Technologies. The plant will be able to integrate the three chemical recycling technologies such as pyrolysis, depolymerization and ultra-pure recycling and serve as a gateway to the global market, the company said.
It will set up a joint venture with PureCycle by Q2-Q3, and discussions with Loop Industries for a JV are ongoing.
For pyrolysis oil, SK geo centric plans to purchase the technology to operate its Ulsan plant. It plans to supply its pyrolysis oil produced from the cluster to SK Innovation’s refinery in Ulsan. Construction should start in early 2023 and be completed in 2025. Once operational, the cluster will be able to recycle 200,000 tonnes of plastic waste per year and reduce 500,000 tonnes of carbon emissions per year from 2025.
“SK geo centric aims to produce chemicals without petroleum ‘to protect the environment,'” Na emphasized. “Last year’s rebranding from SK General Chemical to SK geo centric reflects our commitment to the goal of ‘a land-centric company.’
By Lee Yoon-jae, Park Yun-gu and Lee Ha-yeon
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