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South Korea's SK chemicals (SK chemicals) said on the 25th that the company signed a memorandum of understanding (MOU) with Shuye Environmental Protection Technology Co., Ltd. in Shantou City, Guangdong on the establishment of a joint venture for waste plastic recycling.

According to the memorandum, the joint venture established by the two companies will build a 300,000-ton recycled polyester new material plant. The factory land is provided by the environmental protection aspect of the tree industry. The two parties plan to sign a formal contract within this year and start construction of the factory early next year, aiming to put the factory into operation by the end of 2024.

SK Chemicals spent 23 billion won (about 120 million yuan) to acquire a 10% stake in Shuye Environmental Protection last year, and signed an offtake agreement for 20,000 tons of chemical recycling plastic raw materials.

SK Chemicals will hold more than 51% of the shares of the new corporation and control the management rights.