This photo, provided by SK Inc. on Nov. 30, 2021, shows SK’s headquarters in central Seoul.
SEOUL, Aug. 23 (Korea Bizwire) — SK Geocentric Co., a chemical unit of SK Group, said Tuesday it is making an additional 200 billion won (US$149.3 million) investment jointly with its Saudi Arabian partner to produce a high functional copolymer widely used in automotive components and wire coating.
The production facility for polyolefin elastomers (POE) will be established in the South Korean industrial city of Ulsan, about 400 kilometers southeast of Seoul, through SK’s existing joint venture with Saudi Basic Industries Corp. (SABIC), SK Geocentric said in a release.
POE is a type of high functional plastic material known for its flexibility, like rubber, yet with the toughness of plastic. It is applied to automotive interiors and exteriors, wire and cable coating, films, medical products and others.
SK Geocentric and SABIC set up the 605.1 billion won joint venture in South Korea in 2015 to produce nexlene, a high functional ethylene-based plastic component developed by SK in 2010. SK uses the nexlene to make POEs and other types of plastic products.
With the new POE plant, the Ulsan plant will be able to increase nexlene production to 300,000 tons a year from the current 210,000 tons, SK added. The construction of the new plant is expected to be completed by July 2024.
(Yonhap)
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