SK Geocentric Expands Plastic Recycling Business into France

Signing of MOU for Establishing PET Recycling Joint Venture
Consulting Role Based on Chemical Plant Operation Expertise
President Na Kyung-soo: "Leap to Global Eco-friendly Chemical Company"

On the 7th (local time), SK Geocentric signed a memorandum of understanding to establish a plastic recycling joint venture at the Suez headquarters in France.
From the left: Daniel Solomita, CEO of Loop; Max Pellegrini, Vice President of Suez; Na Kyung-soo, President of SK Geocentric.

[Asia Economy Reporter Oh Hyung-gil] SK Innovation’s eco-friendly chemical subsidiary SK Geocentric is entering the plastic waste recycling business in France.

SK Geocentric announced on the 16th that on the 7th (local time), it signed a business agreement in Paris, France, with French environmental specialist company Suez and Canadian Loop Industries to establish a joint venture for plastic waste recycling. According to this agreement, once the corporation is established, it will be the first case of a Korean company operating a plastic recycling joint factory in Europe.

The signing ceremony was attended by Na Kyung-soo, President of SK Geocentric, Max Pellegrini, Vice President of Suez, and Daniel Solomita, CEO of Loop.

The three companies aim to establish a chemical recycling plant producing 70,000 tons of recycled plastic annually in Europe by combining their respective capabilities, and they agreed to consider participating equally in the establishment of the joint venture.

SK Geocentric will leverage its 60 years of experience operating chemical plants to oversee and consult on plant operations. Having acquired Arkema’s high-performance polymer business, the number one polymer company in France, for 335 million euros in 2019, SK Geocentric is expected to further expand its influence in the European market.

Suez, established in 1858 to operate and manage the Suez Canal, is a specialist in water treatment and waste management. It is responsible for collecting plastic waste across European countries and supplying it as raw material.

Loop possesses chemical recycling technology (depolymerization) that produces high-quality recycled resin from plastic waste. SK Geocentric invested a total of 56.5 million dollars in Loop last year, acquiring a 10% stake and securing exclusive rights for Asian operations. The first plant is planned to be built within the Ulsan Recycle Cluster.

Na Kyung-soo, President of SK Geocentric, said, "I am pleased to sign a business agreement for the plastic recycling project with Suez, which has the best waste management capabilities in Europe, and Loop, which possesses advanced recycling technology. This partnership will be a significant step for SK Geocentric to become a global eco-friendly chemical company beyond Asia."

Daniel Solomita, CEO of Loop, said, "Utilizing SK Geocentric’s expertise accumulated over a long period in the petrochemical field will be very valuable," and Max Pellegrini, Vice President of Suez, added, "We are pleased to collaborate on environmentally valuable projects by leveraging our capabilities."

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