By: ICN Bureau
Last updated : September 02, 2021 7:05 pm
This company name change was proposed 10 years after the separation of SK Global Chemical from SK Innovation in 2011.
SK Innovation Co.’s petrochemical unit SK Global Chemical Co. has undergone a corporate name change to SK Geocentric Co., in a move to reidentify itself as a plastic upcycling company. SK Geo Centric stated that it will become the world's largest urban oilfield company leading the recycling and utilization of waste plastics.
President Luo Qingxiu officially announced: "It will become the first urban oilfield company in South Korea that has completely transformed from a petrochemical company into the world's best recycling and utilization of waste plastics, and is full of the will to proliferate the plastic circular economy and environmental protection. SK Geo Centric' was chosen as the name of the new company."
This company name change was proposed 10 years after the separation of SK Global Chemical from SK Innovation in 2011. It can be described as a "comprehensive and in-depth change" from business model to company name. The new company name will be officially used from September 1st.
"The problem of waste plastics is best solved by chemical companies that know it best. Therefore, the urban oilfield business model is most in line with the direction of SK Geo Centric's Financial Story, and it is also a new development opportunity." It also stated: "Based on ESG management, it will grow into the'world's best urban oilfield company' that leads the circular plastic economy and expands environmental protection," Luo said.
It is also planned that by 2027, SK Geo Centric will directly or indirectly recycle 2.5 million tons of 100% of global plastic production. This is equivalent to about 20% of the waste plastic that flows into the sea every year.
"By 2030, the demand for recycled plastics will grow by 12%. The completion of a 600 trillion won recycled plastic waste market in 2050 means that its growth is very high," Luo added.
He emphasized: "By 2025, more than 600 billion won of EBITDA (operating profit before compensation) will be created in the field of environmental protection and reuse, and the financial aspect will be completely transformed into a green company.”