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SK geo centric Co. Ltd is set to build its first plastic recycling plant in the northern part of France. The South Korean chemical company which is a subsidiary of SK Innovation, will construct the facility in cooperation with its French partners operating in the country’s Saint-Avold region.
In any case, SK geo centric said it worked together with the French water and waste management firm, Suez and Canada’s Loop Industries when making the decision for the location of the plastic recycling factory.
"We are happy to achieve a meaningful milestone in selecting a site for our first plastic recycling plant in Europe," Na Kyung Soo, SK geo centric’s chief executive officer, said in a statement. "We will share the company’s extensive experience in operating petrochemical processes to lead the construction of a sustainable circular economy in Europe."
According to The Korea Herald, SK geo centric, Suez, and Loop Industries are planning to invest about €450 million or $478 million to begin the construction of the recycling facility in early 2025. The chemical firm said that the target date of completion is in 2027 and it is expected to have the capacity to supply around 70,000 tons of recycled plastic per year.
The three companies signed their collaboration agreement to launch a plastic recycling joint venture in June of last year. This international project is reportedly supported by the French Ministries of Industry and Ecology, the Saint-Avold Synergy region community, and the Grand Est region.
SK geo centric’s expertise in the processing of petrochemicals is set to be applied in this project. On the other hand, they will also use Suez’s mastery of resource management and Loop’s depolymerization technology in the joint project.
Finally, Aju Business Daily reported that the construction of the recycling plant in France is based on the companies’ agreement that was signed last year. They will try to contribute to solving the plastic waste accumulation in the region which is also a problem across the globe.
