LG Chem and Enilive to work together for biorefinery project

LG Chem and Enilive have taken a substantial stride towards the final investment decision for their groundbreaking biorefinery project in South Korea. The crucial joint venture agreement, sealing this commitment, was formally signed in Rome by Claudio Descalzi, the CEO of Eni, and Shin Hak-cheol, the CEO of LG Chem.

This strategic collaboration had its roots in September of the preceding year when Enilive, a subsidiary fully owned by Eni, and LG Chem publicly disclosed their exploration into the feasibility of establishing a new biorefinery within LG Chem’s integrated petrochemical complex in Daesan, South Korea. The objective of this ambitious venture is to complete the biorefinery’s construction by 2026, processing around 400,000 tons of renewable bio-feedstocks annually. The core technology driving this initiative is Eni’s Ecofining™, enabling the production of various products, including Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and bio-naphtha. This collaboration leverages the respective strengths and expertise of LG Chem and Eni. A decisive final investment decision is anticipated to be reached in the year 2024.

The collaborative initiative between LG Chem and Enilive not only aligns with the global trend towards sustainability but also showcases the commitment of major corporations to contribute meaningfully to environmental goals. By combining their expertise and resources, these industry leaders are not only investing in a groundbreaking biorefinery but also contributing to the broader vision of a greener and more sustainable future. As the final investment decision approaches in 2024, the industry and environmental communities alike will be watching closely, eager to witness the tangible impact of this forward-thinking collaboration.