SK Global Chemical Co.’s plant in Wuhan, China. (image: SK Innovation)
SEOUL, July 9 (Korea Bizwire) — SK Global Chemical Co., an affiliate of South Korea’s top refiner SK Innovation Co., is building an anode material plant, where plastic waste will be recycled into new materials.
The company signed a memorandum of understanding with the city of Ulsan on Thursday.
By 2025, SK Global Chemical plans to invest 600 billion won (US$522 million) to build a facility on a 160,000 square-meter site in Ulsan’s Mipo National Industrial Park to recycle plastic waste.
The new facility replaces the widely used shredding process with chemical reactions to depolymerize plastic waste.
By 2024, the company will join hands with global waste solutions firm Brightmark LLC to build a thermolysis facility in Ulsan that can process over 100,000 tons of plastic waste every year.
Oil produced from the thermolysis process will be used as fuel for SK Global Chemical’s petrochemical production.
SK Global Chemical will also join hands with Canadian recycling company Loop Industries Inc. to build a depolymerization plant by 2025 that can process over 84,000 tons of plastic waste every year.
Through this project, the firm aims to reach the capacity of recycling 100 percent of the plastic that it produces.
Kevin Lee (kevinlee@koreabizwire.com)
