On the afternoon of March 22, the opening ceremony of the joint venture between STL and SK Geo Centric - Sino Korean Kerui New Materials (Jiangsu) Co., Ltd. was held in Xuwei New Area, Lianyungang, Jiangsu Province, marks the first Korean funded project in Lianyungang Petrochemical Industry Base entering substantive operation. It also accelerates STL’s integration into the global petrochemical chain. 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 opening ceremony.
The Sino-Korean Kerui New Material (Jiangsu) Co., Ltd. was announced thejointproject established by STL and SK Geo Centric to construct and operate the EAA (ethylene acrylic polymer) projectThis will be the first unit of this kind in Asia with a total investment of about 1.64 billion yuan. The project covers an area of about 108 mu, with a production scale of 40000 tons per year with plans to be inproduction in 2025. Currently, the project has completed procedures such as energy assessment, safety assessment, and environmental assessment review, and is promoting detailed project design and land vacuum preloading.
Foreign investment is an important force in promoting high-quality development. This year's government work report proposes to make greater efforts to attract and utilize foreign capital and promote high-level opening up. In response to the national development strategy, STL has taken a proactive stance to construct EAA projects with SK Geo Centric, promoting a mutually beneficial venture and high-quality development of the industry. The project uses Light hydrocarbon as raw materials, relying on the integration of STL industry chain to provide continuous and stable raw materials, producing products through SK Geo Centric's advanced processing technology and factory operation experience. After the project is completed and put into operation, it will further accelerate the integration of upstream and downstream industrial chains of STL, improve the layout of new energy materials, polymer new materials and functional chemicals, to build green and high value-added new material system.
EAA is a high-value-added chemical material with high technical barriers, which can effectively bond metal and plastic, paper, plastic, or other different substances. Moreover, its excellent durability, transparency, and cohesiveness make it widely used in the packaging of food and drugs. In addition, it can also improve battery stability when used in electric vehicle battery electrodes and diaphragms, improve sealing and durability when used in photovoltaics, and greatly prolong the preservation time of food when used for vacuum packing of meat. Considering its wide range of applications, the product demand shows a further increase trend, favored in many fields. At present, EAA in the Chinese market is entirely dependent on imports, and the project will fill the domestic production gap after being put into production.
In this cooperation, STL and SK Geo Centric will give full play to their respective advantages, promote product development, technological innovation, and project operation, by providing new momentum of optimizing the structure of green and high value-added chemical products, and promoting the innovative and high-quality development of the new material industry.
