Hyundai Oilbank, Samsung C&T collaborate on plastic waste recycling venture

Hyundai Oilbank Co. has joined forces with construction company Samsung C&T Corp. to launch a plastic waste recycling business promoting eco-friendly chemical materials.

The two parties have signed a memorandum of understanding with Hyundai Oilbank being responsible for producing eco-friendly chemical materials, while Samsung C&T finds new clients in Europe and the U.S., the major markets for eco-friendly chemical products.

In addition, the two companies agreed to promote collaboration across the entire spectrum of environmentally friendly chemical materials, including joint responses to domestic and international waste plastic-related policy issues and the development of a marketing strategy for the expansion of eco-friendly chemical product markets overseas.

Hyundai Oilbank currently produces eco-friendly naphtha using low-carbon pyrolysis oil derived from plastic waste and is working to develop eco-friendly chemical products such as polyethylene and polypropylene utilizing naphtha.

Samsung C&T has increased its green energy business, including hydrogen and solar projects, as well as the provision of secondary battery materials, after becoming the first non-financial company in the country to declare itself "coal-free" in 2020.