Hyundai Oilbank-Samsung C&T Collaborate on Waste Plastic Recycling Business

At the Hyundai Oilbank office in Jung-gu, Seoul, on the 5th, the signing ceremony for the memorandum of understanding on eco-friendly chemical materials business cooperation between Hyundai Oilbank and Samsung C&T was held. On the left is Gojung Seok, CEO of Samsung C&T, and on the right is Joo Young Min, CEO of Hyundai Oilbank. (Photo by Hyundai Oilbank)

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[Asia Economy Reporter Moon Chaeseok] Hyundai Oilbank and Samsung C&T are jointly implementing a project to chemically recycle waste plastics. They plan to go beyond simple recycling to create entirely new plastic products.

On the 5th, the two companies announced that they had signed a "Memorandum of Understanding (MOU) for Cooperation in Eco-friendly Chemical Materials Business" with this content.

Accordingly, Hyundai Oilbank will be responsible for producing eco-friendly chemical materials, while Samsung C&T will take on the role of discovering new clients in Europe and the United States. Europe and the United States are major markets for eco-friendly chemical products.

The two companies expect synergy from combining Hyundai Oilbank's refining and petrochemical technology and operational know-how with Samsung C&T's global network.

Hyundai Oilbank is currently producing eco-friendly naphtha using low-carbon pyrolysis oil derived from waste plastics. They are also promoting a business to manufacture eco-friendly chemical materials such as polyethylene and polypropylene using eco-friendly naphtha.

In addition, the two companies have agreed to cooperate across the entire eco-friendly chemical materials business, including responding to domestic and international policy issues related to waste plastics and establishing marketing strategies for developing overseas markets for eco-friendly chemical products.

Joo Young-min, President of Hyundai Oilbank, said, "We expect the ecosystem of the eco-friendly low-carbon industry to expand further through the cooperation of two companies with the best capabilities in different fields."

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