• SK picglobal signed an MOU with INEOS on November 7 for joint promotion of the SM business. SM joint production will also start to go green following HPPO.

• ISCC PLUS certification will be obtained by the end of this year with a plan to mass-produce renewable SM from next year.

   

SK picglobal, a chemical business invested by SKC (President: Woncheol Park) has partnered with global chemical company INEOS to expand their renewable chemical materials business.

SK picglobal signed an MOU with INEOS STYROLUTION in Seoul on the afternoon of November 7 to jointly promote their renewable styrene monomer (SM) business. The signing agreement was attended by key executives of the two companies including President Kidon Won of SK picglobal and Vice President Arndt Kotyczka of INEOS STYROLUTION. INEOS STYROLUTION is a styrene business subcompany of INEOS, a global chemical company headquartered in the U.K.

SM is a chemical product which is used to produce propylene oxide (PO), a raw material for high value-added propylene glycol (PG). In addition to this POSM co-production technology, SK picglobal was the first in the world to successfully commercialize the renewable HPPO process in 2008 from which the only by-product is water (H₂O). SK picglobal is now producing PO using both methods. This MOU was arranged as part of SK picglobal’s efforts to redesign the POSM co-production in a more renewable manner.

Through this agreement, the two companies will set up an ecosystem for SM production and utilization. SK picglobal produces SM using materials _ base_d on renewable raw materials such as bio-derived raw materials and waste plastic pyrolysis fuel. INEOS STYROLUTION produces ABS and other products using the renewable SM supplied by SK picglobal.

This agreement will help SK picglobal and INEOS to build a chemical product manufacturing system that will be more renewable than ever. In order to produce and utilize SM, the two companies aim to be certified by ISCC PLUS (International Sustainability & Carbon Certification PLUS), a global certification for renewable materials, by the end of this year. The companies will then roll out the production and utilization of renewable SM from next year.

An SK picglobal executive said, “More and more customers are demanding ESG management in our products and throughout the supply chain,” and added, “Through this renewable SM business in cooperation with INEOS STYROLUTION, we will further reduce greenhouse gas and contribute to the achievement of net-zero greenhouse gas emissions by 2040.”

An Ineos Styrolution executive said, “One of our _ object_ives is to reduce 1 million tons of greenhouse gas emissions and sell 500,000 tons of renewable products by 2030,” and added, “I believe we can keep our promise for a sustainable future by signing this agreement with SK picglobal.” [End of _ document_]

[SK picglobal signed an MOU with Ineos Styrolution on November 7 to jointly promote their renewable renewable styrene monomer (SM) business. President Kidon Won of SK picglobal (right) and Vice President Arndt Kotyczka of Ineos Styrolution are holding the agreements.]