On March 22, STL and SK Geo Centric signed a MOU (EAA Phase II) in Lianyungang, Jiangsu Province. Mr. Luo Gengxiu, President of SK Geo Centric, Mr. Zhang Nanxun, Senior Vice President, Ms. Cai Lianchun, Vice President, Mr. Yang Weidong, Chairman and President of STL, Mr. Zhu Xiaodong, Vice President, and Ms. Li Jun, Financial Director, attended the signing ceremony. Both parties intend to further construct and operate a new EAA device project with a production scale of 50000 tons/year based on their respective advantages, with a total investment of about 2.17 billion yuan.

At the signing ceremony, Mr. Yang Weidong extended a warm welcome and heartfelt gratitude to SK Geo Centric. He said that STL continues to create the future through technology, utilizing the integrated industrial chain of light hydrocarbons, becoming a company with great technological innovation capabilities. STL and SK Geo Centric have a shared objective for "green and low-carbon" development, and both sides are committed to addressing the climate and environment challenges  affecting human society, and to creating a green future together.

Currently, China's first EAA (ethylene acrylic acid copolymer) project (40000 tons/year) is under construction now and is expected to be put into production in 2025. Previously, EAA in the Chinese market was entirely dependent on imports. STL focuses on lightweight raw materials, accelerates the integration of upstream and downstream industrial chains through foreign investment and enhanced cooperation, and build a more complete green and high value-added new material system, thus filling the domestic technological gap. Operating EAA project with SK Geo Centric is an important measure for STL to accelerate the strategy of building a technology company. The project will make STL a strong competitor in the high-end packaging field in Asia, promote the industrial chain to move towards the high-end, and assist enterprises in high-quality development.

With this project, STL and SK Geo Centric have joined hands to expand the new material business in the packaging field, it’s also an achievement of firmly expanding the opening up, making greater efforts to attract and utilize foreign capital, and a win-win international economic and trade cooperation. Both sides are full of confidence in the resilience and future of China's economy, hope to jointly create an ecological environment demonstration benchmark for domestic chemical industry parks, assist Xuwei New Area in building a world-class petrochemical industry base, better boost regional economic development, and contribute wisdom and strength to achieving the goals of carbon peaking and carbon neutrality.