SK Global Chemical said on Tuesday that it plans to change its name to SK Geo Centric, starting on Wednesday.
The company also said it plans to spend around 5 trillion won by 2025 to secure an annual capacity to process 900,000 metric tonnes of plastic wastes.
It aims to secure the capacity to recycle 2.5 million metric tonnes a year by 2027.
According to the company, 900,000 metric tonnes of plastic equals the entire amount produced in South Korea a year, while 2.5 million metric tonnes of recycled plastic equals 20% of the plastic dumped in oceans every year.
SK Geo Centric will recycle the plastic waste made from petrochemicals to collect petrochemicals again, the firm said.
It will invest in recycling technology, building a recycling cluster and use more environmentally friendly materials, it said.
SK Geo Centric will also form partnerships and joint ventures with foreign companies with technologies in pyrolysis and solvent extraction.
These partnerships will build new factories in South Korea and abroad, the company said.
Through these investments, SK Geo Centric will also manufacture around 1.9 million metric tonnes of environmentally friendly materials started in 2025, it added.