The construction project is followed by SK geo centric's agreement with the two companies in June 2022 to set up a chemical recycling joint venture. The accumulation of plastic waste has become a major issue all over the world. Chemical recycling is regarded as an attractive way to address the explosive growth of plastic waste. After breaking down discarded plastic, the method returns plastic to its raw material form.
SK geo centric said in a statement on February 17 that the company selected the site in Saint-Avold some 318.8 kilometers (198 miles) east of Paris with its two partners. The three companies will invest about 450 million euros ($478 million) to start the construction in early 2025. The South Korean company's know-how in the petrochemical process will be combined with SUEZ's water resource management and Loop's plastic recycling technique.
SK geo centric CEO Na Kyung-soo said his company is committed to contributing its extensive petrochemical operating experience to this strategic partnership with Loop and SUEZ which will lead to a sustainable circular economy and a low-carbon future in Europe. The company said Saint-Avold has efficient industrial infrastructure such as roads and railways.
"The partnership will directly support the circular economy of plastics, closing the loop with recycled and infinitely recyclable virgin-quality PET (polyethylene terephthalate)," said SUEZ CEO Sabrina Soussan.
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