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South Korea's SK chemicals (SK chemicals) said on the 25th that the company signed a memorandum of understanding (MOU) with Shuye Environmental Protection Technology Co.
According to the memorandum, the joint venture established by the two companies will build a 300,000-ton recycled polyester new material plant
SK Chemicals spent 23 billion won (about 120 million yuan) to acquire a 10% stake in Shuye Environmental Protection last year, and signed an offtake agreement for 20,000 tons of chemical recycling plastic raw materials
SK Chemicals will hold more than 51% of the shares of the new corporation and control the management rights