To bolster domestic raw material supply chains and expand public procurement opportunities, South Korea’s Public Procurement Service (PPS) announced Thursday its visit to local waste recycling innovator, City Oil Field. This strategic engagement aims to explore enhanced collaboration channels.
A leader in sustainable resource management, City Oil Field specializes in transforming waste plastics into essential petrochemical feedstocks.
This strategic visit by the PPS addresses pressing concerns over the volatility of imported raw material prices, exacerbated by geopolitical tensions in the Middle East. The agency emphasized its commitment to fostering alternative domestic supply chains through robust resource recycling initiatives and by enhancing market access for pioneering innovative firms.
City Oil Field’s cutting-edge low-temperature pyrolysis facility stands out, efficiently converting various waste plastics into valuable naphtha and refined oil. This innovative process significantly reduces reliance on imported resources, simultaneously stabilizing domestic production and effectively lowering costs amidst ongoing global supply disruptions.
The PPS reaffirmed its pledge to provide comprehensive policy support, aiming to further enhance the competitiveness of this facility, officially recognized as an innovative product in 2022. The service will actively promote its widespread adoption by public institutions across the nation.
Highlighting international interest, representatives from Australia-based Simba Global also toured the facility, conducting an in-depth assessment of its advanced technology and overall competitiveness.
“Securing alternative domestic supply chains is critical for both public safety and sustainable business operations,” said Baek Seung-bo, administrator of the Public Procurement Service. “We will continue to support innovative resource technologies to help companies secure stable markets and sustain growth.”
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