SK geo centric selects site of European plastic recycling plant

A computer-generated image of a plastic recycling plant of SK geo centric, Loop Industries and SUEZ, which will be completed by 2027 [SK INNOVATION]

SK geo centric has selected the site for its joint European plastic recycling plant with France’s SUEZ and Canada’s Loop Industries, the company said Friday.

The three companies will invest a combined 460 million euros ($478.8 million) for the project. If completed, it will be Korea’s first plastic recycling plant in Europe.

The upcoming plant will be built in Saint-Avold in northeastern France, with support from the French ministries of industry and ecology, the Grand Est region and the Saint-Avold Synergy region community.

The announcement came eight months after the three companies signed a memorandum of understanding for establishing a joint venture for the plastic recycling plant.

The recycling plant will have a processing capacity of 70,000 tons per year. The plan is to begin construction in 2025 and complete it by 2027.

Loop Industries will provide its depolymerization technology for chemical recycling, and SUEZ will supply plastic waste through its global network. SK geo centric will run the facilities, utilizing its long experience in managing petrochemical plants.

“SK geo centric will share its extensive petrochemical operating experience for this strategic partnership with Loop and SUEZ, which will lead to a sustainable circular economy and a low-carbon future in Europe,” said SK geo centric CEO Na Kyung-soo.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]