SK Geocentric Targets Asian Plastic Circular Economy Business

France's Circular Economy Company Veolia Signs Memorandum of Understanding for Waste Plastic Recycling Cooperation

Na Kyung-su, President of SK Geocentric (left in the photo), is taking a commemorative photo with Christophe Marquet, Head of Veolia Asia-Pacific, and Herve Peno, CEO of Veolia Korea, at the SK Seorin Building in Jung-gu, Seoul on the 22nd. Photo by Na Kyung-su

[Asia Economy Reporter Oh Hyung-gil] SK Geocentric, the eco-friendly chemical business subsidiary of SK Innovation, is targeting the Asian plastic circular economy market.

On the 22nd, SK Geocentric signed a memorandum of understanding (MOU) with Veolia, a global French company specializing in ecological transition and resource management, at the SK Green Campus (Jongno Tower) in Jung-gu, Seoul, to promote circular economy business in the Asian market.

The signing ceremony was attended by Na Kyung-soo, President of SK Geocentric; Christophe Maquet, Senior Vice President of Veolia Group and Head of Veolia Asia-Pacific; Herve Peno, CEO and Branch Manager of Veolia Korea; and other executives.

Under this agreement, the two companies will jointly research waste plastics such as PET, polypropylene (PP), and pyrolysis feedstock generated in the Asian region. Plastic pyrolysis is a chemical recycling method that processes waste plastics, which are currently incinerated or landfilled because mechanical recycling is not possible.

They also agreed to actively cooperate in expanding the plastic circular economy through the establishment of SK Geocentric’s Ulsan chemical recycling cluster. Through this collaboration, they plan to expand eco-friendly businesses to China, Japan, and Southeast Asia, where interest in plastic recycling is increasing.

Founded in 1853, Veolia has a solid eco-friendly business portfolio, including customized solutions for water treatment, energy management, and waste recycling. With approximately 220,000 employees worldwide, Veolia is a leading French environmental company that achieved sales of about 28.5 billion euros (approximately 39 trillion KRW) last year.

SK Geocentric aims to combine its long-standing eco-friendly business expertise with Veolia’s global circular economy capabilities. The integration of SK Geocentric’s chemical product manufacturing and marketing experience with Veolia’s eco-friendly know-how is expected to accelerate the establishment of a circular economy.

Christophe, the Head of Veolia Asia-Pacific, said, "We are proud of our partnership with SK Geocentric, which fully aligns with Veolia’s resource management goals and commitments for plastic recycling and carbon reduction," adding, "We will lead the ecological transition in Korea and the Asian region for a sustainable low-carbon future."

President Na Kyung-soo said, "We are pleased to take the first step in the circular economy business based on the eco-friendly capabilities of both companies in the promising Asian market," and added, "Starting with the Ulsan recycling cluster, we will lead the circular economy industry in the Asian market in line with the global eco-friendly trend."