State spending on strategic industries to surge 43% next year
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SKC President Lee Wan-jae (right), SKC picglobal CEO Won Ki-don (center) and PIC CEO Mutlaq al-Azmi pose during a signing ceremony for their memorandum of understanding in Los Angeles, Thursday. (SKC)
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PIC is the world’s fifth petrochemical firm by production volume. SKC and PIC established the joint venture SK picglobal in March 2020.
SKC said the company inked a memorandum of understanding with PIC and SK picglobal in Los Angeles on Thursday there to work together on the eco-friendly plastic business in Kuwait.
Under the agreement, SK picglobal will review and conduct research on market trends and related regulations for biodegradable plastics and oil produced from plastic waste, in Kuwait.
After the completion of market research, the companies will work together to start a joint business or discuss exporting technologies, SKC said.
PIC has been showing consistent interest in environmentally friendly usage of plastics. It signed a memorandum of understanding with the Kuwait City government in April to conduct research on the establishment of a plastic waste recycling facility, SKC explained.
SKC said it will actively share its accumulated technologies and business know-how with PIC for their envisioned business on reutilization of plastic waste.
SKC came to commercialize PLA film, a biodegradable and environmentally friendly film made from corn-based polylactic acid resin, for the first time in the world in 2009.
It has also been working to expand its biodegradable plastic portfolio, and acquired the technology for making polybutylene adipate co terephthalate, a biodegradable polymer from Korea Research Institute of Chemical Technology, the company said.
“SKC ultimately wants to activate the economic ecosystem of plastic recycling and contribute to creating a world where plastic does not create concerns for the environment,” SKC President Lee Wan-jae said.
By Jo He-rim (herim@heraldcorp.com)