3 Companies for Sustainable Growth of Seokhwa
Establishing Long-term Mutual Cooperation Relationships
Kumho Petrochemical, SK Geocentric, and Dongseo Petrochemical are signing an MOU to establish a bio raw material supply chain and are taking a commemorative photo. From the left in the photo: Na Kyung-soo, CEO of SK Geocentric; Baek Jong-hoon, CEO of Kumho Petrochemical; Chae Jong-kyung, CEO of Dongseo Petrochemical. Photo by Kumho Petrochemical
On the 19th, Kumho Petrochemical announced on the 20th that it signed a memorandum of understanding (MOU) with SK Geocentric and Dongseo Petrochemical at Jongno Tower in Seoul to establish a sustainable bio raw material supply chain.
Kumho Petrochemical, SK Geocentric, and Dongseo Petrochemical agreed to collaborate to convert monomers AN (Acrylonitrile) and BD (Butadiene) in the existing raw material supply chain into bio monomers. The bio monomers are produced from bio naphtha made from eco-friendly raw materials such as canola oil and waste cooking oil. Dongseo Petrochemical supplies bio AN made from SK Geocentric’s bio propylene, and SK Geocentric supplies bio BD, both to Kumho Petrochemical.
Furthermore, the three companies?Kumho Petrochemical, SK Geocentric, and Dongseo Petrochemical?agreed to form a long-term mutual cooperation relationship for the sustainable growth of the petrochemical industry in the Ulsan Petrochemical Complex.
Through this MOU, Kumho Petrochemical plans to secure a bio monomer supply chain and expand its eco-friendly product lineup by adding the international eco-certification 'ISCC PLUS' for synthetic rubber (SBR, NBR, HSR, SBL, NBL) and synthetic resin (PS, ABS, SAN) products within the first quarter of this year.
Previously, Kumho Petrochemical obtained ISCC PLUS certification last year for four tire synthetic rubber products?SSBR, HBR, LBR, and NdBR?produced at its Yeosu rubber plant. With the additional certification in the first quarter of this year, it is expected to secure eco-certification for all synthetic rubber products produced at the Ulsan plant as well as some synthetic resin products.
Baek Jong-hoon, CEO of Kumho Petrochemical, said, "Kumho Petrochemical will accelerate diversification of its eco-friendly product portfolio based on a sustainable bio raw material supply chain. We expect that the areas of cooperation among the three companies gathered here today will further expand within the petrochemical industry."
Meanwhile, Kumho Petrochemical has been strengthening its network for reducing carbon and greenhouse gas emissions and procuring eco-friendly raw materials in the supply chain with domestic and international companies, including signing an MOU in May last year with Japanese refining and petrochemical company Idemitsu Kosan for the supply of bio SM (Styrene Monomer).
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