In response to the increasing demand for recycled waste plastic materials, SK Chemicals will build a global infrastructure with a Chinese company.
SK Chemicals announced on Monday that it signed a memorandum of understanding with Chinese green material company Shuye to build a joint venture. The joint venture between the two companies will build a plant with the annual capacity to produce 100,000 tons of recycled materials and 200,000 tons of chemically recycled PET.
The construction of the plant will begin early next year with a plan to start operation at the end of 2024. SK Chemicals will hold management rights with over 51 percent of the share of the corporation to be built.
SK Chemicals plans to consistently expand global infrastructure to produce and supply green recycled waste plastic materials, starting with the joint venture. The company is considering an investment in production facilities for green materials with an annual capacity of 50,000 tons in 2025.
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