Finland-headed oil refiner and renewable fuels and renewable products producer Neste Oyj, and LG Chem Ltd, South Korea’s largest diversified petrochemicals company and a leading manufacturer of lithium-ion batteries, have jointly announced their aim to build a strategic long-term partnership to develop and grow the biopolymers and biochemicals market globally, and more specifically, in LG Chem’s domestic market.
Under the partnership, LG Chem will start replacing fossil feedstock commonly used in the manufacturing of polymers and chemicals with Neste Renewable Hydrocarbons in the upcoming months.
We are delighted to start collaborating with LG Chem, a company with one of the most diverse polymers and chemical offerings in the world, to make an increasing impact on the global industry’s transformation towards a circular bioeconomy. This cooperation enables us to further expand the portfolio of applications that can benefit from Neste’s renewable drop-in solutions, said Mercedes Alonso, EVP, Renewable Polymers and Chemicals from Neste.
This helps LG Chem to produce renewable polymers and chemicals to meet the increasing sustainability requirements and expectations of its customers – such as those producing polyolefin-based containers, packaging, hygiene products, and electronic materials – without compromising on quality, performance, or recyclability of its products.
LG Chem’s proprietary technology and significant market share of diverse chemical products and Neste’s sustainable solution based on renewable hydrocarbons, have come together in a partnership that will pave the way for sustainable growth in building a circular bioeconomy for both parties and also the global industry, said Kug Lae Noh, EVP and the President of Petrochemicals Company from LG Chem.
Neste’s renewable hydrocarbons are produced entirely from traceable, bio-based raw materials, such as waste and residue oils and fats, providing a high-quality, more sustainable alternative to fossil feedstock.
