LG Chem and Enilive Sign Joint Venture Agreement for Korean Biorefinery

LG Chem and Enilive have taken another step toward a final investment decision on a new biorefinery project in South Korea by signing a joint venture agreement. The agreement was signed in Rome by Claudio Descalzi, CEO of Eni Group (Enilive's wholly owned parent company), and Shin Hak-cheol, CEO of LG Chem.

Last September, Enilive and LG Chem announced that they were exploring the possibility of developing and operating a new biorefinery at LG Chem's existing integrated petrochemical complex in Daesan, South Korea, with the goal of completing the biorefinery by 2026, Eni's Ecofining technology is used to process approximately 400,000 tons of renewable biofeedstock per year and produce a variety of products, including Sustainable Aviation Fuel (SAF), Hydrogenated Vegetable Oil (HVO) and Bio-Naphtha. LG Chem and Eni Group will combine expertise in this initiative. A final investment decision is expected in 2024.

Claudio Descalzi, CEO of Eni, said: "Biofuel production is one of the main pillars of our strategy and we also contribute to achieving net zero emissions by 2050 by selling increasingly decarbonized products to our customers. Our biorefinery project with LG Chem is a key factor in expanding Enilive Biorefinery's international influence, aiming to increase its production capacity from the current 1.65 million tons/year to more than 5 million tons/year by 2030, and Increase selectivity in SAF production. From 2030, the production will reach 2 million tons/year. "

Shin Hal-cheol, CEO of LG Chem, said: "This agreement is significant as it represents the cooperation and joint efforts of leading global companies to achieve the common goal of net zero. LG Chem will actively support the successful execution of this project and solidify its position as a leading company in the environmentally friendly plastics industry in the future, achieving sustainable development and carbon neutrality as a truly global entity. "

LG Chem and Enilive Sign Joint Venture Agreement for Korean Biorefinery

LG Chem and Enilive have taken another step toward a final investment decision on a new biorefinery project in South Korea by signing a joint venture agreement. The agreement was signed in Rome by Claudio Descalzi, CEO of Eni Group (Enilive's wholly owned parent company), and Shin Hak-cheol, CEO of LG Chem.

Last September, Enilive and LG Chem announced that they were exploring the possibility of developing and operating a new biorefinery at LG Chem's existing integrated petrochemical complex in Daesan, South Korea, with the goal of completing the biorefinery by 2026, Eni's Ecofining technology is used to process approximately 400,000 tons of renewable biofeedstock per year and produce a variety of products, including Sustainable Aviation Fuel (SAF), Hydrogenated Vegetable Oil (HVO) and Bio-Naphtha. LG Chem and Eni Group will combine expertise in this initiative. A final investment decision is expected in 2024.

Claudio Descalzi, CEO of Eni, said: "Biofuel production is one of the main pillars of our strategy and we also contribute to achieving net zero emissions by 2050 by selling increasingly decarbonized products to our customers. Our biorefinery project with LG Chem is a key factor in expanding Enilive Biorefinery's international influence, aiming to increase its production capacity from the current 1.65 million tons/year to more than 5 million tons/year by 2030, and Increase selectivity in SAF production. From 2030, the production will reach 2 million tons/year. "

Shin Hal-cheol, CEO of LG Chem, said: "This agreement is significant as it represents the cooperation and joint efforts of leading global companies to achieve the common goal of net zero. LG Chem will actively support the successful execution of this project and solidify its position as a leading company in the environmentally friendly plastics industry in the future, achieving sustainable development and carbon neutrality as a truly global entity. "