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    Home > Chemicals Industry > Rubber Plastic News > SK Global Chemical rebrands for green transition

    SK Global Chemical rebrands for green transition

    • Last Update: 2023-01-12
    • Source: Internet
    • Author: User
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    South Korea's SK Global Chemical changed its name to SK Geo Centric on September 1, effective September 1, as it adopts a strategy centered on recycling and eco-friendly materials
    Na Kyung-soo, CEO of SK Geo Centric, said, "The problem of plastic waste can be turned into an opportunity

    We will grow into the world's largest urban oilfield company to turn plastic waste back into oil


    The company's main goal is to build a facility to process 900,000 tons/year of plastic waste by 2025, which is equivalent to its annual domestic plastic production, rising to 2.
    5 million tons/year by 2027

    It plans to invest about 5 trillion won in Korea and internationally by 2025, which will also include expanding production capacity for green materials


    In addition, the Seoul-based group proposes to recycle 2.
    5 million tonnes/year of plastic waste

    It has signed memorandums of understanding with undisclosed domestic and international partners while developing its own pyrolysis reprocessing technology

    In cooperation with overseas partners with chemical recycling technologies such as solvent extraction, depolymerization and pyrolysis, SK Geo Centric intends to invest in and build factories in Korea and abroad


    Additionally, by partnering with the Korean government and SMEs along the entire recycling chain, the company said it will build a recycling cluster capable of handling PE, PP, PET and complex materials

    "The plastic recycling market will grow by 12% by 2030, and the plastic waste market is expected to reach 600 trillion won by 2050.

    This means there is a lot of room for growth," Na said.
    "In 2025, we will Create KRW 600 billion EBITDA from the environmental protection and recycling fields to offset existing businesses while also becoming a fully green company, even from a financial point of view


    SK Geo Centric will also increase production of eco-friendly materials from 500,000 tonnes/year to 1.
    9 million tonnes/year by 2025, and use bio- and pyrolysis oils instead of petroleum feedstocks in its plastic production


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