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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
.
