Signing Ceremony of MOU on Cooperation in 40000 MTA High-end Packaging New Material (EAA) Project between STL and SK Global Chemical Holds Successfully
A Signing ceremony of EAA cooperation between STL and SK Global Chemical was held in Xuwei New District, Lianyungang on Mar. 11th. Both parties signed on a Memorandum of Understanding (MOU) on cooperation in 40000 MTA High-end Packaging New Material (EAA) Project which marked the landing of the first EAA Project in China.
According to the MOU, the joint venture (60% from SK Global Chemical, 40% from STL) will invest about USD163 million for EAA production and sales . EAA product is High-end Packaging New Material which is highly adhesive and widely used in flexible package of food and medicine. Nowadays, EAA in China fully depends on import. Since the project goes into production, it can fill the blanks in domestic units. What is more, as a type of special material, EAA has high added values and is environmentally friendly which is in line with China’s 14th Five Year Plan and the yearning to lead a happy life.
As one of the Seven Petrochemical Industrial Parks, Lianyungang Petrochemical Industrial Base is vigorously developing New Green Chemical Industrial Park which is the most potential petrochemical industrial park in China. The cooperation will help Lianyungang take the High-end Packaging New Material market in Asia which promotes the economic and social development of Lianyungang as well as Xuwei New District goes sustainably and healthily.
SK Global Chemical attaches to SK Group, the third biggest group in South Korea as well as the worldwide leading petrochemical company, which specializes in production and sales of basic petrochemical products. This is the first cooperation between SK Global Chemical and STL. Both will build high quality closed loop ecological chain from plastic production to recycle and reuse based on cooperation. What’s more, it will speeds up the layout of green high value-added products structure which brings economic value and social value.