Kuwait's Decomposing Plastic Project Supported by Korean Companies

Mutlaq Al Azmi, CEO of PIC (from left), Won Gi-don, CEO of SK PIC Global, and Lee Wan-jae, CEO of SKC, are taking a commemorative photo after signing an MOU on the 16th (local time) in Los Angeles, USA.

[Asia Economy Reporter Choi Dae-yeol] SKC has signed a memorandum of understanding (MOU) with PIC, Kuwait's largest petrochemical company, to engage in an eco-friendly plastics business in Kuwait. The MOU signing ceremony held in the United States on the 16th (local time) was attended by SKC CEO Lee Wan-jae, PIC CEO Mutlaq Al Azmi, and SK PIC Global CEO Won Gi-don, the joint venture between the two companies' chemical businesses.

According to this MOU, the eco-friendly plastics business, including recycling of waste plastics and biodegradable plastics, will be actively promoted in Kuwait. PIC is a 100% subsidiary of Kuwait Petroleum Corporation (KPC), one of the world's top five oil companies by production volume, and is known to have a strong interest in eco-friendly waste plastic recycling businesses.

SKC, which has extensive experience in eco-friendly plastics business, will review the local market conditions and regulations in Kuwait together with the other two companies. The focus will mainly be on waste plastic pyrolysis oil business and biodegradable plastics business. After reviewing market feasibility, local commercialization will proceed through various methods such as joint ventures or technology exports.

Last month, SKC and SK PIC Global decided to build a pilot facility for waste plastic pyrolysis oil, which extracts oil from waste plastics, at the Ulsan plant. The Japanese Kankyo Enerugisa technology introduced by SKC enables pyrolysis at low temperatures with high yield, improving productivity. The company is also expanding its business by forming a joint venture with Japanese eco-friendly material venture TBM to produce biodegradable chemical resins. CEO Lee said, "We look forward to successfully establishing a plastic circular economy system in Kuwait."