Actualités • Actus des entreprises
SK geo centric to build Korea's first plastic recycling plant in Europe
SK geo centric, a chemical business subsidiary of Korea’s SK Innovation, will jointly build a plastic recycling plant with France-based water and waste management company SUEZ, and Loop Industries, a Canadian plastic recycling technology company.
The three companies signed a business agreement to set up a chemical recycling joint venture in June 2022 and selected the site in Saint-Avold, in the Grand Est region of France. This is the first Korea’s plastic recycling factory in Euope, which is projected to be completed in 2027, with an annual production capacity of 70,000 tons.
This international project, supported by the French Ministries of Industry and Ecology, the Grand Est region and the Saint-Avold Synergy region community, leverages the experience of SKGC in petrochemical processes, the expertise of SUEZ in the area of resource management and the innovative depolymerization technology of Loop.
The companies plan to invest about 450 million euros ($478 million) to start the construction of the plant in early 2025, contributing to the sustainable revitalization of the local industrial base and enable the direct creation of 200 new jobs.
The facility in Europe is part of the global commercialization strategy of Loop’s technology. SKGC and Loop are currently focused on the planning of the projected first Infinite Loop™ manufacturing facility in Ulsan, South Korea, which is expected to break ground in 2023.
The feed stocks from waste plastic will be collected, sorted and prepared by Suez, having ample knowledge of the European plastics market and its partnerships with industrial players.
Through the establishment of the plant, SK geo centric would be able to contribute to solving the global plastic problem by responding to the growing demand for recycled plastic due to European environmental regulations, the company said.
By leveraging low-value waste plastic that is currently destined for landfill or incineration, the envisioned facility would offer a solution to the global plastic waste challenge.
SUEZ CEO Sabirna Soussan said the partnership will directly support the circular economy of plastics, closing the loop with recycled and infinitely recyclable virgin-quality PET.
SK geo centric CEO Na Kyung-soo said his company is committed to contributing its extensive petrochemical operating experience to this strategic partnership with Loop and Suez which will lead to a sustainable circular economy and a low-carbon future in Europe. The company said Saint Avold has efficient industrial infrastructure such as roads and railways.
