SK picglobal, a market leader for propylene oxide and its derivatives including propylene glycol, and INEOS Styrolution, the global leader in styrenics, have signed a memorandum of understanding (MOU) yesterday giving INEOS Styrolution access to renewable styrene monomer (“SM”) produced from SK picglobal’s SM plant located in Ulsan, South Korea.
This agreement is an extension to INEOS Styrolution’s efforts in creating a circular economy for both polystyrene (PS) and acrylonitrile butadiene styrene (ABS) in Asia. Under this MOU, SK picglobal will produce and supply renewable SM to INEOS Styrolution upon obtaining ISCC PLUS certification, estimated to be within 2023.
INEOS Styrolution has committed to saving one million tonnes of CO2 emissions by 2030 and selling 500kt of ECO products in 2030; and achieving net zero emissions by 2050.
"This agreement with SK picglobal is the right step to helping INEOS Styrolution achieve those goals and demonstrates our commitment to a sustainable future across all of our market segments,” said Arndt Kotyczka, Vice President, Global Styrene Monomer, INEOS Styrolution. “This renewable SM source will enable us to offer recyclable, sustainable products with the exact same quality and performance that customers have come to expect.”
"We are excited to be working with INEOS Styrolution, a company that shares our vision of getting to a world where nothing is wasted," said Ki Don Won, CEO of SK picglobal. "Increasingly, customers are demanding sustainable practices across the product supply chain and life cycle. The feedstocks we manufacture reduce waste, offset the need to produce virgin materials and help manufacturers achieve carbon neutral goals as we transition to a circular economy."
About SK picglobal
SK picglobal, a joint venture with SKC and the Kuwaiti national petrochemical company PIC (Petrochemical Industries Company), is the leading global propylene oxide and its derivatives propylene glycol supplier. With world class product quality and more than 30 years of operation experience, the company supplies PO, PG and SM to a broad range of industries, including urethane foam, surfactant, health care, personal care, flavors & fragrance, food & beverage, pharmaceutical and etc. SK picglobal employs approximately 300 people and operates production sites in Ulsan, Republic of Korea.
For more information, visit us at www.skpicglobal.com.