This Sept. 24, 2020, photo shows waste piled up at a city-run recycling center in the southwestern port city of Busan. (Yonhap)
SEOUL, April 6 (Korea Bizwire) — Hyundai Oilbank Co., a major South Korean refiner, has joined forces with construction company Samsung C&T Corp. to launch a plastic waste recycling business.
The two parties announced on Tuesday that they had signed a memorandum of understanding to promote cooperation in the area of the production of eco-friendly chemical materials.
Under the partnership, Hyundai Oilbank will be responsible for producing eco-friendly chemical materials, while Samsung C&T will take the role of finding new clients in Europe and the U.S., the major markets for eco-friendly chemical products.
Hyundai Oilbank’s oil refining and petrochemical technology and operational know-how will be combined with Samsung C&T’s global network to create a synergy.
In addition, the two companies also agreed to promote cooperation throughout the entire spectrum of eco-friendly chemical materials, including joint response to domestic and international waste plastic-related policy issues and the establishment of a marketing strategy for the development of overseas markets for eco-friendly chemical products.
At present, Hyundai Oilbank produces eco-friendly naphtha using plastic waste-based low carbon pyrolysis oil, while pushing to make eco-friendly chemical materials such as polyethylene and polypropylene using the eco-friendly naphtha.
After making a ‘coal-free’ declaration for the first time among the nation’s non-financial companies in 2020, Samsung C&T has ramped up its green energy business, including hydrogen and solar projects and the supply of secondary battery materials.
Kevin Lee (kevinlee@koreabizwire.com)
