SKC tie up with PIC for eco-friendly plastic business

Kuwait’s state-operated petrochemical giant Petrochemical Industries Company inked a memorandum of understanding with SKC, the chemical affiliate of SK Group, for expansion of its environment-friendly plastic business in Kuwait, the company said on Friday.

PIC is the world’s fifth petrochemical firm by production volume. SKC and PIC established the joint venture SK picglobal in March 2020.

The MoU with PIC and SK picglobal was signed in Los Angeles on Thursday to work together on the eco-friendly plastic business in Kuwait.

Under the agreement, SK picglobal will review and conduct research on market trends and related regulations for biodegradable plastics and oil produced from plastic waste, in Kuwait.

After the completion of market research, the companies will work together to start a joint business or discuss exporting technologies, SKC said.

PIC has been showing consistent interest in environmentally friendly usage of plastics. It signed a memorandum of understanding with the Kuwait City government in April to conduct research on the establishment of a plastic waste recycling facility, SKC explained