- Collaboration with SK geo centric, Tongsuh Petrochemical to Establish a Bio Monomer Supply Network within the Ulsan Industrial Complex
- Formation of Long-term Mutual Cooperation for Sustainable Growth in the Petrochemical Industry among the Three Companies
- CEO Baek Jong-hoon “Accelerating the Diversification of an Eco-friendly Product Portfolio Based on a Sustainable Bio Raw Material Supply Network”
On the 20th, Kumho Petrochemical (CEO Baek Jong-hoon) announced that it has signed an MOU on the previous day, the 19th, at Seoul Jongno Tower with SK geo centric (CEO Na Kyung-soo) and Tongsuh Petrochemical (CEO Chae Jong-kyung) for the establishment of a sustainable bio raw material supply chain.
According to the MOU, Kumho Petrochemical, SK GeoCentric, and East West Petrochemical agreed to collaborate in converting monomers AN (acrylonitrile) and BD (butadiene) from the existing raw material supply chain into bio monomers. Bio monomers are produced from bio naphtha using environmentally friendly raw materials such as canola oil and waste cooking oil. Under this structure, Tongsuh Petrochemical will supply bio AN using SK geo centric’s bio propylene as raw material, and SK geo centric will supply bio BD to Kumho Petrochemical.
Furthermore, Kumho Petrochemical, SK geo centric, and Tongsuh Petrochemical have agreed to establish a long-term mutual cooperation relationship for sustainable growth in the petrochemical industry at the Ulsan Petrochemical Industrial Complex.
Through this MOU, Kumho Petrochemical aims to secure a bio monomer supply chain and plans to expand its environmentally friendly product portfolio by obtaining ISCC PLUS certification for synthetic rubber (SBR, NBR, HSR, SBL, NBL) and synthetic resins (PS, ABS, SAN) within the first quarter of this year.
Earlier, Kumho Petrochemical obtained ISCC PLUS certification for four products of synthetic rubber (SSBR, HBR, LBR, NdBR) for tire use produced at the Yeosu rubber plant last year. With additional certifications in the first quarter of this year, it is expected to secure environmental certification for all products of synthetic rubber and some products of synthetic resins produced at the Ulsan plant.
Baek Jong-hoon, CEO of Kumho Petrochemical, stated, “Kumho Petrochemical will accelerate the diversification of its environmentally friendly product portfolio based on a sustainable bio raw material supply chain,” adding, “We expect that the areas in which the three companies gathered today can cooperate in the petrochemical industry will further expand.”
Meanwhile, Kumho Petrochemical has been strengthening its network for carbon reduction and greenhouse gas emission reduction in the supply chain and sourcing environmentally friendly raw materials by signing an MOU for the supply of bio SM (styrene monomer) with the Japanese oil refining and petrochemical company Idemitsu Kosan in May of last year.
Source
Kumho Petrochemical, press release, 2024-02-20.
Supplier
East West Petroleum
International Sustainability & Carbon Certification (ISCC)
Kumho Petrochemical
SK Geo Centric
TONGSUH PETROCHEMICAL CORPORATION
Ulsan Technopark
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