On October 25, South Korean steel giant POSCO signed a memorandum of understanding with domestic oil refining and marketing firm SK Energy to form a partnership in the coal chemistry industry.
According to a POSCO release, under the memorandum, POSCO and SK Energy will review and determine the feasibility of business developing and commercializing value-added chemical products made from by-products of steel, such as crude light oil and coal tar, and petroleum-based products.
Using the technology of the two companies, the first phase will involve the production of basic petrochemical products, while the second phase will concern the production of high-functionality engineering plastics and other high value-added products.