Hyundai Chemical Accelerates Establishment of Plastic Circular Economy

Introduction of Waste Plastic Pyrolysis Oil as Raw Material
Production of Eco-friendly Petroleum Products and Plastics
First Integrated Refinery and Petrochemical Plant in Korea
Acquisition of International Eco-friendly Certification ISCC PLUS
Eco-friendly Plastics for Cosmetic and Household Product Containers to be Produced Next Month

Choi Soo-kwan, CEO of Hyundai Chemical (left), and Lee Soo-yong, CEO of Control Union (official ISCC domestic agency) on the right, are taking a commemorative photo at the ISCC PLUS certification award ceremony held on the 17th in Jung-gu, Seoul.

[Asia Economy Reporter Donghoon Jung] Hyundai Chemical, a petrochemical affiliate of Hyundai Oilbank, is stepping up its eco-friendly efforts to establish a plastic circular economy.

On the 24th, Hyundai Chemical announced that it will introduce pyrolysis oil derived from waste plastics as a raw material to produce eco-friendly petroleum products and eco-friendly plastics. Pyrolysis oil from waste plastics is considered a key technology for the plastic circular economy because it allows waste plastics, which were previously incinerated, to be reintroduced into the refining process.

On the 17th, Hyundai Chemical obtained the international eco-friendly product certification 'ISCC PLUS' for three petroleum products (naphtha, diesel, aviation fuel) produced from pyrolysis oil of waste plastics and five petrochemical products (high-density polyethylene, low-density polyethylene, ethylene vinyl acetate, polypropylene, butadiene) used as raw materials for plastics. This is the most diverse certification among domestic companies and the first ISCC PLUS certification for an integrated refining and petrochemical plant.

Starting with this certification, Hyundai Chemical plans to actively engage in the eco-friendly plastics business using waste plastics. Next month, it will begin producing eco-friendly plastic samples used in product containers in collaboration with domestic cosmetics and household goods companies. In the future, it plans to develop new high-value applications using eco-friendly plastics and expand related businesses.

Hyundai Chemical currently has the capacity to produce up to 30,000 tons of eco-friendly plastics annually using its existing refining and petrochemical processes. A Hyundai Chemical official stated that they are also considering installing new facilities to increase production capacity to up to 100,000 tons of eco-friendly plastics annually.

Choi Soo-kwan, CEO of Hyundai Chemical, said, "Through this certification, we have laid the foundation to establish a plastic circular economy," adding, "We will continuously expand the scale of eco-friendly businesses to solve domestic waste plastic issues and lead efforts to reduce carbon emissions."