STX Corp., a South Korean general trading firm, said Monday (9 December 2019) that it has signed a deal with U.S.-based Pi ECO to set up a joint venture (JV) on recycling waste plastic. The JV will build a facility that converts plastic waste into diesel oil to produce 250 megawatts of electricity, STX said, without elaborating on a time frame or location for the facility.
STX said it expects the facility to generate more than KRW 500 billion (USD 420 million) in annual sales through plastic waste disposal, oil sales and power generation. The amount of waste generated in South Korea is estimated to be 430,000 tons per day, with an annual disposal cost of KRW 23 trillion, according to the company.
Source: Yonhap News Agency, Seoul; 9 Dec 2019
(Syed Rashid Ali, Karachi, Pakistan)