SEOUL: SK Geo Centric Co., the chemical unit of South Korea's SK Innovation Co., announced on Tuesday that it has entered into a preliminary agreement with Plastic Energy, a British chemical recycling company, to build a waste recycling plant in South Korea.
According to Yonhap News Agency, the memorandum of understanding was signed in Germany on October 31 (local time), with the intent to establish a joint company that will build their No. 2 pyrolysis plant in Dangjin, located 78 kilometers southwest of Seoul.
The companies have not yet determined the timeline for the start of construction and operation for the No. 2 plant. Meanwhile, the statement also noted that the two firms are currently in the process of building their No. 1 pyrolysis plant in Ulsan, approximately 300 km southeast of Seoul, with plans to begin operations in 2025.
The pyrolysis plant specializes in converting plastic waste into valuable end products, such as fuel oil.