Samsung C&T and Hyundai Oil Bank Sign an MOU for
Strategic Cooperation in the Eco-friendly Chemical Materials Business
On April 5, our company signed an MOU with Hyundai Oil Bank for strategic cooperation in the eco-friendly chemical materials business at a ceremony held at Hyundai Oil Bank’s Seoul Office in Jung-gu, Seoul.
The MOU which was held with the participation of Samsung C&T President & CEO Jung Suk Koh, and Hyundai Oil Bank President Joo Young-min, aims to perform strategic cooperation on the promotion of new eco-friendly projects, including a review of the * ‘establishment of the eco-friendly circular economy’ through the recycling of waste plastics.
* Establishment of the eco-friendly circular economy through the recycling of waste plastics.
The MOU requires the two companies to jointly develop the eco-friendly chemicals business, in which the generation of carbon emissions is reduced by the chemical recycling of waste plastics. “Chemical recycling” refers to the recreation of new plastics rather than the simple recycling of plastic wastes.
The two businesses have agreed to work together to establish the marketing and sales strategy and the relevant infrastructure for the development of overseas markets for eco-friendly chemical goods produced by using waste plastics and bio mass as the main raw materials. They have also agreed to cooperate by sharing their eco-friendly policy and information on the industry, and by formulating methods of coping with the relevant situation together.
Under the terms of the MOU, our company will explore new customer businesses in more advanced countries such as Europe and the United States, which are major markets of eco-friendly chemical goods, based on our global network and overseas business-related capability, while Hyundai Oil Bank will produce such goods by fully utilizing its domestic facilities and infrastructure, as a comprehensive energy business with first-rate competitiveness in oil the refinery and petrochemical sectors.
Given that eco-friendly business aimed at addressing global environmental issues has become the focus of attention of the oil refinery and petrochemical sectors, the two businesses are committed to fulfilling their social responsibilities by developing the new eco-friendly business. They will also strive to secure growth engines by making forays into the eco-friendly chemical goods market, which is forecast to grow rapidly in the next few years.