Under the partnership, SKGC will become an equal partner in the previously announced joint venture (JV) formed by Loop and SUEZ, which is developing what they claim to be Europe’s first Infinite Loop manufacturing facility.
The JV plant will produce 70,000 million tonnes of virgin quality, fully recycled PET plastic and polyester fibre for the European market.
SKGC will provide petrochemical manufacturing experience while SUEZ and Loop will offer their resource management expertise and proprietary technology respectively.
The Infinite Loop facility is intended to help consumer goods companies increase the amount of recycled content in their products and/or packaging, as well as meet the growing demand for recycled PET resin and polyester fibre.
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SK Geo Centric CEO Na Kyung-Soo said: “We are thrilled to participate in (the) Infinite Loop™ Europe project together with SUEZ, leading French environmental service and LOOP, which possesses an advanced recycling technology.
“This collaboration will be the first step for SK Geo Centric to move beyond Asia to be a global eco-friendly chemical company.”
Loop Industries is a Canadian plastic recycling company that manufactures fully recycled PET plastic and polyester, while SUEZ supports local communities and industrial companies in managing services such as water, waste and air quality.
The partners will review the feasibility of the project and choose the best location to support European consumer brands’ 2025 target for recycled content.
SUEZ France executive committee member in charge Maximilien Pellegrini said: “Together with Loop and now SKGC, we will provide European customers with a solution to boost the circular economy of plastic, while saving over 255,000t of CO₂ every year, compared with virgin PET made from a traditional petrochemical process.”