This photo, provided by LG Chem Ltd., shows a construction site for a hydrotreated vegetable oil plant of LG-Eni Biorefining Co., a joint venture between the South Korean firm and Italy’s Enilve S.p.A., in Seosan, about 100 kilometers southwest of Seoul. (Yonhap)
SEOUL, Aug. 4 (Korea Bizwire) — LG Chem Ltd. said Monday its biofuel joint venture established with Italy’s Enilive S.p.A. has started construction of South Korea’s first hydro-treated vegetable oil (HVO) plant, part of the company’s drive to expand sustainable chemical production.
The joint venture, named LG-Eni Biorefining, held a groundbreaking ceremony at the HVO plant site in Seosan, about 100 kilometers southwest of Seoul, which will have an annual production capacity of 300,000 tons. The facility is slated for completion by 2027.
LG-Eni Biorefining is LG Chem’s joint venture established last year with Enilve, a subsidiary of Eni, a leading European energy company.
An eco-friendly fuel made by adding hydrogen to renewable vegetable oils, HVO, also known as renewable diesel, is recognized for its low greenhouse gas emissions.
HVO can be used for a variety of industrial applications, including producing sustainable aviation fuel (SAF) and bio-naphtha.
LG Chem plans to utilize bio-naphtha produced by using HVO to increase the share of its bio-circular balanced products, which are products certified under the International Sustainability & Carbon Certification (ISCC) Plus global sustainability standard.
“LG Chem is transitioning its business portfolio toward a low-carbon foundation to achieve both sustainable growth and profitability,” said Shin Hak-cheol, vice chairman and chief executive officer (CEO) of LG Chem.
(Yonhap)
