LG Chem, Eni to setup biorefinery in South Korea
South Korea’s LG Chem and Italy’s Eni signed a joint venture agreement to develop a biorefinery in Daesan, South Korea capable of processing approximately 400,000 tons of renewable bio-feedstocks annually to produce multiple products including sustainable aviation fuel (SAF), hydrotreated vegetable pil (HVO), and bio-naphtha.
The new refinery will be developed at the existing LG Chem’s integrated petrochemical complex in Daesan, South Korea.
“Biofuel production is one of the main pillars of our strategy to contribute to reach net zero emissions by 2050 also through the sale of increasingly decarbonized products to our clients. The biorefinery project we are working on together with LG Chem is a key element to expand Enilive biorefining presence internationally, to raise its capacity from current 1.65m tons/year to over 5m tons/year by 2030 and to increase the optionality of SAF production to up to 2m tons/year from 2030,” said Claudio Descalzi, CEO, Eni.
The final investment decision on the project using Eni’s Ecofining™ technology is expected in 2024 with aim to complete the biorefinery by 2026.
“This agreement holds significant meaning as it represents the collaboration and joint effort of global leading companies towards the common goal of ‘Net Zero’,” commented Shin Hak-cheol, CEO, LG Chem.
“LG Chem will actively support the successful execution of this project and, moving forward, will solidify its position as a leading company in the eco-friendly plastic industry, achieving sustainable development and carbon neutrality as a true global entity.”