Chemical recycling is an attractive way to address the explosive growth of plastic waste and disposal problems. Pyrolysis is a chemical recycling process that can convert plastics into high-quality oil. Pyrolysis oil, sometimes known as bio-crude, is a synthetic fuel.
SKC signed a memorandum of understanding with the city of Ulsan on December 14. SKC and SK PIC Global will invest and build facilities while Ulsan City will support approval and incentives related to new investments. SKC PIC Global is a chemical joint venture between SKC and Petrochemical Industries Co. of Kuwait.
SK PIC Global will invest about 100 billion won ($91 million) near its Ulsan plant to set up a pyrolysis oil plant capable of handling 60,000 tons of waste vinyl per year. The company aims to complete the plant by 2023 in cooperation with a foreign company and produce a high value-added plastic material by increasing the level of impurities removal.
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