SK Geo plastic recycling 25-01-2023

SK Geo plastic recycling

-SK Geo, Plastic Energy firm agreement for plastic recycling complex in Asia

SK Geo Centric, a subsidiary of SK Innovation’s, has signed a contract with British company Plastic Energy, which specializes in chemical recycling of plastic waste, completing the “last puzzle” of the world’s first plastic recycling complex to be built in 2025, as per Plasticenergy.

Amid a surge in demand for plastic recycled products worldwide, SK Geo Centric’s green business is building momentum.

SK Geo Centric announced on the 6th January (local time) at CES 2023 that it had signed a contract with Plastic Energy to introduce the technology to build a pyrolysis plant in the Ulsan plastic recycling complex. Na Kyung-soo, CEO of SK Geo Centric, Bruno Guillon, Chief Commercial Officer of Plastic Energy, and others attended the signing ceremony.

SK Geo Centric will start the construction process for its pyrolysis plant this year. By introducing Plastic Energy’s advanced pyrolysis technology in Ulsan, South Korea, it will promote an annual capacity of 66,000 tonnes of end-of-life plastic waste input, the largest capacity in Asia. SK Geo Centric plans to improve pyrolysis oil to an even higher quality by creating a pyrolysis oil post-treatment plant that implements the company’s own technologies. SK Geo plastic recycling

The two companies also signed an MOU for the “strategic partnership to expand the advanced recycling business in selected countries across Asia.” They agreed to respond preemptively to growing global demand by establishing a joint venture to develop opportunities to establish new advanced recycling facilities following Ulsan in the Seoul metropolitan area, China, Japan and other key markets. Plastic Energy’s patented TAC™ process recycles plastics that normally cannot be mechanically recycled, converting them into a feedstock called TACOIL™, used to create virgin-quality plastics that have been deployed in numerous consumer packaging products including for food and cosmetics.

SK Geo Centric announced the official name of the Ulsan plastic recycling complex as the “Ulsan Advanced Recycling Cluster (ARC).” SK Geo Centric gathered the three advanced chemical recycling technologies in one place through strategic collaboration with global companies such as PCT (US), Loop (Canada), and Plastic Energy (UK). This action is expected to enable efficient plastic recycling.

SK Geo Centric is cooperating with PureCycle Technologies in the US on Ultra PP supercritical extraction technology that removes pollutants from waste plastics, and has signed a contract to create a joint venture following an equity investment of 55 million dollars It has also secured exclusive sales rights in Korea and the rights to conduct business in China and Southeast Asia.

We remind, SK Geo Centric and Tokuyama, a Japanese chemical corporation, will form a 50:50 joint venture (JV) in Ulsan, Korea, to generate and market high purity isopropyl alcohol (IPA) for semiconductors with a production capacity of 30,000 tonnes/y (tpa). On 29 Dec 2021, SK Geo Centric reported that the firm and Tokuyama decided to spend nearly Won 120 bn in JV. The facility will finalize construction and start pilot operations in 2023 before commercialization in 2024.

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SK Geo, Plastic Energy firm agreement for plastic recycling complex in Asia

SK Geo plastic recycling

Green-Hydrogen – Plastics-recycling 24-01-2023

Bio-degradable-plastic – PS – PE 25-01-2023

Bio-degradable-plastic – PS – PE

Crude Oil Prices Trend

Crude Oil Prices Trend

Crude Oil Prices Trend

-Maire Tecnimont acquires the majority stake of Conser, an Italian high-value derivatives and bio-degradable plastic monomers technology licensor, through Nextchem Holding

NextChem Holding accesses the high-value derivatives and bio-degradable plastics licensing markets by acquiring an 83.5% stake of the Rome-based company

The Group’s technological portfolio is strengthened with the ad-dition of new solutions supporting the energy transition

Rome, 23 January 2023 – Maire Tecnimont S.p.A. announces that, through its subsidiary NextChem Holding S.p.A., it is expanding into the high-value derivates and biodegradable plastic by-products licensing markets with the acquisition of an 83,5% stake of Conser, a technology licensor and process engineering design company based in Rome, Italy. Founded more than Fifty years ago, Conser has been developed by Flavio Simola, who has led the company to the current technological excellence. The closing, which is subject to customary conditions, is expected to take place by April 15, 2023. NextChem Holding also retains an option to acquire the remaining 16.5% stake within the next 3 years. The acquisition of Conser, which is expected to reach total revenues of approximately €25 million in 2022, is strategically important because it allows the Group to enter new markets. Bio-degradable-plastic – PS – PE

Conser has a portfolio of technology patents dedicated to the energy transition and added-value specialty chemicals processes. Such a portfolio includes cost-effective and process-flexible technologies for Maleic Anhydride, Butanediol and Dimethyl Succinate, which are crucial building blocks for the production of biodegradable plastics, in particular Polybutylene Succinate (PBS) and polybutylene adipate co-terephthalate (PBAT). Conser’s portfolio also includes technologies for Liquid Organic Hydrogen Carriers, specialties for Lithium-based batteries production and Bio-based (vegetable glycerine) derivatives.

PBS and PBAT have excellent biodegradation properties, and their relevant consolidated markets show very promising outlooks driven by a growing demand especially in Asia, where Conser has licensed more than half of the plants in the region in the last year for several leading global players.

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Bio-degradable-plastic - PS - PE

-Reliance Industries hit by unexpected drop in quarterly profit

Reliance Industries Ltd., helmed by billionaire Mukesh Ambani, posted a larger-than-expected quarterly profit as growth in its consumer units offset the weakness in its traditional petrochemicals business, said Bloomberg.

Net income fell 15% to 157.9 billion rupees (USD1.9 billion) in the quarter ended Dec. 31 but was still higher than the average 156.19 billion rupees estimated in a Bloomberg survey. India’s largest company by market value also secured approval of its board to raise as much as 200 billion rupees via bonds. Bio-degradable-plastic – PS – PE

Analysts had been penciling in a steeper drop in profit due to windfall taxes on fuel exports and as last year’s numbers were flattered by a one-off gain. Overall revenue did indeed come in weaker than consensus and costs surged but a strong showing at Ambani’s dominant telecom business helped blunt the impact.

“Reliance Industries witnessed strong growth momentum in consumer verticals,” Joint Chief Financial Officer V. Srikanth said in a post-earnings call Friday. “Retail growth was led by festive demand, strong momentum in e-commerce and continued store addition.”

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Bio-degradable-plastic - PS - PE

-January contract prices of Polystyrene in Europe increased by EUR100-130 per ton

Contract prices for polystyrene (PS) in Europe rose by EUR100-130 per tonne for January due to higher prices for styrene, ICIS reported.

January contract prices of styrene in Europe rose by EUR115 per tonne. Balanced and more than sufficient supply remains, and supply is expected to rise further during the first quarter, especially after TotalEnergies reversed force majeure against the PS in mid-January. It is expected that producers will continue to agree on the price level in proportion to the degree of demand. Bio-degradable-plastic – PS – PE

Buyers buy as needed due to high inventory levels. Demand remains weak, particularly in the construction sector due to winter weather conditions and the continued impact of high inflation, interest rates and macroeconomic uncertainty. Demand for home appliances is generally low, although not as weak as in the construction sector. Demand for packaging is stable.

Bio-degradable-plastic - PS - PE

-SK Geo, Plastic Energy firm agreement for plastic recycling complex in Asia

SK Geo Centric, a subsidiary of SK Innovation’s, has signed a contract with British company Plastic Energy, which specializes in chemical recycling of plastic waste, completing the “last puzzle” of the world’s first plastic recycling complex to be built in 2025, as per Plasticenergy.

Amid a surge in demand for plastic recycled products worldwide, SK Geo Centric’s green business is building momentum. Bio-degradable-plastic – PS – PE

SK Geo Centric announced on the 6th January (local time) at CES 2023 that it had signed a contract with Plastic Energy to introduce the technology to build a pyrolysis plant in the Ulsan plastic recycling complex. Na Kyung-soo, CEO of SK Geo Centric, Bruno Guillon, Chief Commercial Officer of Plastic Energy, and others attended the signing ceremony.

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SK Geo, Plastic Energy firm agreement for plastic recycling complex in Asia

-Chemical Recycling Process for Crosslinked PE

Borealis announces capability to produce recycled PE for use in wire & cable, infrastructure industries.

Austria-based Borealis announced the capability of its proprietary Borcycle C chemical recycling process to recycle crosslinked PE, such as XLPE and PE-X, into recycled PE. The recycled PE is suitable for the manufacture of new XPLE and PE-X for use in the wire & cable and infrastructure industries. Bio-degradable-plastic – PS – PE

XLPE offers cost effectiveness and installation flexibility when used in cable networks. PE-X is used in plumbing and heating pipes, with better chemical resistance and durability than conventional materials. However, until recently it has been difficult to recycle these materials into a product that can be returned to these high-performance applications.

In a series of tests conducted by Borealis, XLPE and PE-X waste were pretreated and then fed into the Borcycle C pyrolysis process. The resulting material was analyzed and determined to be suitable for use as cracker feedstock in the production of new ethylene.

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Chemical Recycling Process for Crosslinked PE

-Constantia Flexibles targets growth in India through new joint venture agreement

Constantia Flexibles has signed a joint venture agreement with Premji Invest and S.B. Packagings  to expand its business and operations in various packaging sectors and create value in the Indian market.

The agreement is aiming for both organic and inorganic growth in India’s higher added value market segments, including growth in the hygiene segment through S.B. Packagings’ existing packaging lines and the development of Constantia Flexibles’ EcoLam product range. Such developments are expected to strengthen the company’s business in the region. Bio-degradable-plastic – PS – PE

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Green-Hydrogen – Plastics-recycling 24-01-2023