British firm Plastic Energy has signed a contract with Korea’s SK Geo Centric to provide its technology for a chemical recycling plant.
Plastic Energy will introduce its pyrolysis technology into the 66,000 tonnes per year plant at the new Ulsan plastic recycling complex.
A pyrolysis oil will be created, that will then be treated further using SK Geo Centric’s own technologies to provide an even higher-quality product that can be turned into new polymers.
The two companies also signed a memorandum of understanding for a strategic partnership for an advanced recycling business in selected countries across Asia.
SK Geo Centric plans to have three facilities at the Ulsan Advanced Recycling Cluster. Along with the Plastic Energy facility, there will be a project with PureCycle Technologies from the United States, which will involve ultra PP supercritical extraction technology that removes pollutants from waste plastics.
A contract has also been signed between the two companies for a joint venture and for SK Geo Centric to have exclusive rights to the technology in Korea and the right to conduct business in China and South East Asia.
It will also have a plant from Canadian firm Loop Industries on the Ulsan site that will dissolve PET bottles down to molecules and return them to raw materials. This is most likely to treat coloured bottles and polyester fibres.
Plastic Energy chief commercial officer Bruno Guillon said: “We are excited to have been chosen to be part of the Ulsan ARC, and to have established this strategic partnership with SK Geo Centric to develop advanced recycling projects in Korea and across Asia.
“SK Geo Centric has a unique vision for the role that plastic recycling can play in the petrochemicals business, and is leading the way building a greener and more sustainable business model for this industry in Asia. We are very pleased to join them on this important journey.”
