SEATTLE (Scrap Monster): Leading South Korean chemical company, SK Geocentric Co., announced that it has entered into a license contract with a British firm towards setting up of a plastic recycling plant in South Korea.
The plastic pyrolysis plant will be built in the South Korean industrial city of Ulsan, about 300 kilometers southeast of Seoul. It will employ the pyrolysis technology owned by Plastic Energy Ltd. and will have a processing capacity of 66,000 tons per annum, the construction of which is expected to be commenced this year itself and completed in two years’ time. Once completed, it would be the world's first plastic recycling cluster, SK Geocentric said in a press release.
The license contract was signed between the two companies on the sidelines of CES 2023, being held in Las Vegas, USA. The signing ceremony was attended by SK Geocentric CEO Na Kyung-soo and Bruno Guillon, chief commercial officer of Plastic Energy. The two companies also signed a Memorandum of Understanding (MoU) towards setting up a joint venture aimed at expanding plastic recycling across Asian region.
The patented technology by Plastic Energy recycles plastics and converts them into a feedstock called TAC oil. SK Geocentric plans to build a post-treatment plant to refine the pyrolysis oil using its own proprietary technologies.
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