Sk geo centric, a petrochemical subsidiary of SK innovation, cooperated with Veolia environment in Paris to conduct joint research on pyrolysis (thermal decomposition) in Asia using polyethylene terephthalate (PET), polypropylene (PP) and waste plastics as raw materials. In addition, the two companies will also establish a chemical waste recycling Park in Ulsan. Sk global chemical (skgc), another Petrochemical subsidiary of SK innovation, will invest US $522 million in Ulsan to build the largest plastic waste recycling plant in South Korea by 2025.
Sk earth center said that by 2030, it will build three more plants in Asia, transform itself into an environmental protection chemical enterprise, and increase the garbage recovery capacity to 400000 tons / year.
Sk geo centric added that by studying the pyrolysis of plastics with French companies, it seeks to recycle the waste plastics that cannot be recycled by traditional methods, so it is burned or buried. Starting from 2026, garbage landfill will be prohibited in the capital circle. Therefore, plastic pyrolysis can also be used as an environmentally friendly waste treatment method.
Luo Jingxiu, representative of SK earth center, said: “we will closely follow the world trend of environmental protection, lead the circular economy industry, and expand such efforts to other regions in Asia.”
In addition, SK chemical will establish a joint venture factory in China to produce chemical products from recycled plastics. Sk chemical said that it signed a memorandum of understanding (MOU) with Shuye, a Chinese green material enterprise, to set up two joint-venture chemical plants in Shantou, China.
Last year, SK chemical invested 18 million US dollars to acquire 10% of sheye company. Through this acquisition, SK obtained the right to purchase 20000 tons of chemical recycled plastics.
The two companies will build a depolymerization plant to produce 100000 tons of recycled terephthalate (r-bhet) each year, and another plant to produce 200000 tons of chemically recycled polyethylene terephthalate (PET) and copolyester using r-bhet each year.
Shuye will provide a plant site adjacent to the existing depolymerization plant to maximize the efficiency of the two partners in infrastructure utilization, investment cost reduction, management and operation.
Sk chemical will own more than 51% of the shares and have the right to operate.
Sk chemical and sheye plan to reach an agreement on the joint venture within this year, and start the construction of the plant at the beginning of next year and put it into commercial operation at the end of 2024.
SK is also considering establishing a similar facility in South Korea by 2025 to extract 50000 tons of recyclable plastic materials every year.