South Korea: Plastic Pyrolysis SK Global Chemical and Brightmark Sign MOU for Construction of Plastics Renewal Plant
Global petrochemical company SK Global Chemical and waste solutions provider Brightmark have signed a memorandum of understanding to create a partnership that aims to take the lead in the circular economy of plastic by construction of a commercial scale plastics renewal plant in South Korea.
Seoul/South Korea — SK Global Chemical and Brightmark plan to build a plastics renewal plant in South Korea. The commercial scale plant is to dramatically increase the recycling rate of plastic waste in the country.
Partnership with Brightmark supports SK Global Chemical’s ESG program and its pursuit of the circular economy of plastic waste. The two sides will jointly utilize Brightmark’s plastics renewal technology and confirm its commercial viability with aim of forming a joint venture to develop, finance, construct, and operate a plastics renewal facility in South Korea with 100,000 tons of annual capacity in pursuit of “plastics-to-plastics” circular economy.
Plastics renewal is Brightmark’s proprietary type of pyrolysis, an advanced form of recycling with a unique ability to recycle all types of plastic waste that has reached the end of its useful life — including the most difficult to recycle plastics. The MOU makes SK Global Chemical the partner for the company in South Korea to help resolve the plastic waste issue, which is a rising global concern. The world produces 385 million tons of plastic each year and 91 % of that plastic never gets recycled. The rest ends up in an incinerator, a landfill, or as litter in the natural environment, where will remain for thousands of years.
Both parties will carry out a feasibility study during 2021 and plan to cooperate by combining experience of pyrolysis and post treatment in South Korea. By the end of this year, the two parties will complete evaluation of the most optimal methods to operate, scale and develop Brightmark’s technology within South Korea prior to finalization of a joint venture agreement for the plant development and operation.