Urban Genetic Resources Export Waste Plastic Recycled Raw Material Oil to Vietnam

Dosiyujeon announced on the 29th that it signed an 'export contract for waste plastic decomposition oil' with local company Nam An JSC in Ho Chi Minh City, Vietnam on the 28th.

This contract is the first achievement since declaring its entry into the Vietnamese waste plastic-related business last year. The signing ceremony was attended by Dosiyujeon CEO Jeong Young-hoon and Nam An JSC CEO Van Vien Thong.

Dosiyujeon explained, "Nam An Group in Vietnam has agreed to import recycled raw material oil from waste plastic, including naphtha produced at Dosiyujeon's facilities in Korea and Vietnam."

Jung Young-hoon, CEO of Dosiyujeon (left), and Bang Bien Thong, CEO of Nam An JSC, are posing for a commemorative photo at the 'Waste Plastic Pyrolysis Oil Export Contract' signing ceremony held on the 28th at the Nam An JSC headquarters in Ho Chi Minh City, Vietnam. Photo by Dosiyujeon

Currently, to extract naphtha from pyrolysis oil, a complex process called refining and petrochemical processing must be carried out by mixing crude oil with pyrolysis oil. Dosiyujeon's naphtha can produce recycled naphtha using only its self-developed decomposition facilities without such processes.

The export contract price is 2 dollars per liter (ℓ). Dosiyujeon's Jeongeup plant, scheduled to start operation at the end of August, can produce up to 4.9 million liters of recycled oil equivalent to naphtha annually.

Market research firm McKinsey predicted that the global waste plastic recycling market will grow annually by 7-12%, reaching 75 trillion won by 2025 and 600 trillion won by 2050.