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On October 11, South Korea's SK Innovation announced that it will invest about 1.
7 trillion won by the second half of 2025 to build a plastic chemical recycling plant
in Ulsan, South Korea.
The plant covers an area of 215,000 square meters and has an estimated recycling capacity of about 250,000 tons/year, and will build recycling plants for three types of chemicals, namely high-purity polypropylene (PP), polyethylene (PE) and polyethylene terephthalate (PET) and their composites, namely extraction, depolymerization and pyrolysis
.
It is reported that the plant will be operated
by SK Zhixin, a subsidiary of SK Innovations.
Construction of the plant, which will begin in September 2023, is expected to produce about 220,000 tons of recycled plastic
per year.
In January this year, SK Zhixin and PureCycle, a U.
S.
recycling service company, agreed to build a 60,000 tons/year recycling PP joint venture plant in Ulsan, which is scheduled to be completed
by the end of 2024.
The proposed Ulsan plastic recycling plant will still use PureCycle's patented technology
.
The Ulsan plastic recycling plant is part of SK Innovation's total investment target of KRW 5 trillion over the next five years, and the company is accelerating its net-zero emission goal, of which KRW 3 trillion will be used to increase the production of
environmentally friendly products through production facility renovation and expansion.
