Plastic Energy and SK Innovation’s subsidiary for its green chemicals business, SK Geo Centric (SKGC), plans to build an advanced recycling plant in Ulsan, South Korea.
This announcement follows the signing of an HOA (Heads of Agreement) in Seoul, South Korea.
According to the agreement, this plant is expected to have an annual capacity of 66,000 tonnes of plastic waste and will be located within SKGC’s recycling cluster in Ulsan.
Na Kyung-soo, CEO of SKGC, and Carlos Monreal, CEO of Plastic Energy, attended the ceremony l and each signed the agreement on behalf of their respective companies.
The Ulsan recycling plant will be the largest in Asia and both companies expect the plant to be operational by the end of 2025. In addition to the project in Ulsan, the two companies are also considering expansion of advanced recycling operations to the Gyeonggi province in Korea.
Combined, the two plants will have the capacity to process over 100,000 tonnes of waste plastic per year into a feedstock that would be used by SKGC to make new plastics.
Plastic Energy is already operating two advanced recycling plants in Spain; one in Almeria and the other in Seville. The company also has three plants currently under construction in the Netherlands and