South Korea’s Daesan Complex to Host LG Chem and Enilive’s Innovative Biorefinery

South Korea’s Daesan Complex to Host LG Chem and Enilive’s Innovative Biorefinery

(IN BRIEF) LG Chem and Enilive have moved closer to making a final investment decision on their joint biorefinery project in South Korea by signing a joint venture agreement. The project, planned for LG Chem’s petrochemical complex in Daesan, South Korea, aims to complete the biorefinery by 2026. It will process approximately 400,000 tons of renewable bio-feedstocks annually using Eni’s Ecofining™ technology and produce sustainable products like Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and bio-naphtha. The final investment decision is expected in 2024. This initiative aligns with Eni’s strategy to contribute to net-zero emissions by 2050 and LG Chem’s commitment to eco-friendly solutions and carbon neutrality.

(PRESS RELEASE) ROME/ SEOUL, 19-Jan-2024 — /EuropaWire/ —  Eni S.p.A. (BIT: ENI), an Italian multinational energy company with focus on innovation, efficiency and accessibility for all, announces that LG Chem and Enilive are taking another significant step towards the final investment decision for their joint biorefinery project in South Korea, signing a pivotal joint venture agreement in Rome. The project, initially announced last September, envisions the development and operation of a cutting-edge biorefinery within LG Chem’s integrated petrochemical complex in Daesan, South Korea, with an expected completion date of 2026. The biorefinery will have the capacity to process around 400,000 tons of renewable bio-feedstocks annually, utilizing Eni’s Ecofining™ technology to produce a range of sustainable products, including Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and bio-naphtha. LG Chem and Eni are set to pool their expertise in this endeavor, with the final investment decision slated for 2024.

Eni CEO Claudio Descalzi emphasized the strategic importance of biofuel production, stating “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 1.65 million tons/year to over 5 million tons/year by 2030 and to increase the optionality of SAF production to up to 2 million tons/year from 2030.”

LG Chem CEO Shin Hak-cheol echoed the significance of this partnership, emphasizing its alignment with the global mission of achieving “Net Zero” emissions. He said “This agreement holds significant meaning as it represents the collaboration and joint effort of global leading companies towards the common goal of ‘Net Zero’.” He further stated, “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.”

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SOURCE: Eni S.p.A.