Kumho Petrochemical : Idemitsu Kosan-Sumitomo Corp. sign MOU on bio material supply chain
May 17, 2023 at 10:10 am IST
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■ KKPC signs Memorandum of Understanding (MOU) on supply of bio-SM from Japan's Idemitsu Kosan, as raw materials for major products such as SSBR.
■ Sumitomo Corporation is in charge of cooperation between the two companies and development of biopolymer markets in both countries.
■ Expectations grow for reduced carbon footprint with the use of plant-derived raw materials, along with strengthening the participants' ESG cooperation network.
■ KKPC states "three industry-leading companies from South Korea and Japan are putting in effort to achieve co-prosperity in good faith, within the framework of cooperation."
On the 17th, Kumho Petrochemical (KKPC), announced that it has signed a memorandum of understanding (MOU) on the supply of bio-SM (styrene monomer) with Idemitsu Kosan, a Japanese company in oil and petrochemical business. Sumitomo Corporation, also from Japan, coordinates cooperation between the two companies and is in charge of developing the biopolymer markets in both countries.
With the largest synthetic rubber production capacity in South Korea, Kumho Petrochemical plans to produce one of its main products SSBR for high-functional tires using bio-SM supplied by Idemitsu Kosan, the second-largest oil refiner and largest SM manufacturer in Japan. The three cooperating firms plan to complete discussions on specific supply measures and methods and optimization of production by the end of 2024 and begin full-scale operation.
Bio-SM is from the bio-naphtha that is bio-based, from waste, residue. Conventionally, naphtha is extracted from crude oil and has been widely used to make basic chemical products such as ethylene and butadiene. By increasing the use of bio-SM from bio-naphtha, the synthetic rubber company expects to reduce carbon and greenhouse gas (GHG) generation, or carbon footprint, as well as strengthen ESG management cooperation network. A KKPC spokesperson stated "three industry-leading companies from South Korea and Japan are putting in effort to achieve co-prosperity in good faith, within the framework of cooperation."
Meanwhile, Kumho Petrochemical has previously carried out various ESG management activities such as the Recycled Styrene (RSM) project that recycles waste PS (polystyrene) and applies it to SSBR, and the Post Consumer Recycled project that reprocesses used and discarded plastic containers and transforms them into high-quality refrigerator parts. Kumho Petrochemical will continue to expand its partnerships far and wide for more various eco-friendly activities. ###
Kumho Petro Chemical Co. Ltd. published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2023 04:39:08 UTC.
Kumho Petro Chemical Co Ltd is a Korea-based company mainly engaged in the manufacturing and sale of synthetic rubber. The Company operates its business through four segments. The Synthetic Rubber segment is engaged in the manufacturing and sale of styrene-butadiene rubber (SBR), butadiene rubber (BR), and latex, among others, which are used to make tires and shoes. The Synthetic Resin segment is involved in the manufacturing and sale of polystyrene (PS), acrylonitrile butadiene styrene (ABS), and expandable polystyrene (EPS), among others, which are the main raw materials for electrical and electronic products, auto parts, and construction materials. The Fine Chemical segment is engaged in the production and sale of antioxidants and vulcanization accelerators which is mainly used in rubber. The Other segment operates its business in electronic materials, construction materials, factory utilities, and asset leasing, among others.
KUMHO PETRO CHEMICAL CO.,LTD 
