TAGS: Green and Bioplastics
SK Chemicals is investing in a Chinese waste plastic (PET) recycling company to commercialize the chemically recycled copolyester (PETG).
SK chemicals invested 23 billion won in Shuye, China, which has the technology and facilities to chemically decompose waste PET, acquired a 10% stake, and secured off-take of 20,000 tons of chemically recycled raw material production capacity. In addition, through this investment, it secured exclusive rights in the Korean market for chemically recycled raw materials and chemically recycled PET-related products. The decision was made to proactively respond to the rapidly increasing demand for the eco-friendly packaging market in accordance with global policies to reduce disposables and expand the use of recycled materials.
Stable Production Base for Recycled Copolyester
An official from SK Chemicals explained, “
In order to establish a stable production base for chemically recycling copolyester (PETG), we have considered investing in overseas raw materials, and as part of this, we have promoted equity investment in a Chinese waste plastic recycling company." In addition, he said, "
We will do our best to establish a virtuous cycle system that actively solves environmental problems by conducting research and preparation for establishing a recycling infrastructure in Korea."
Recently, SK Chemicals announced a plan to launch the chemically recycled copolyester 'ECOTRIA CR' in the third quarter and increase the sales portion of recycled products to 50% in 2025, and is accelerating the related plans.
By securing stable raw materials, SK Chemicals Eung-soo Kim has established a production base for chemically recycled copolyester (PETG), as well as an opportunity for a new business for chemically recycled PET (CR PET). "
We plan to do our best to succeed in commercial production of chemical recycled copolyester," the official added.
Meanwhile, in preparation for the expansion of the eco-friendly plastic market, the company plans to complete the expansion of copolyester production facilities at the end of June and further strengthen the ESG management system through the production of chemically recycled copolyester.
Source: SK Chemicals