Finnish renewable fuels producer Neste has teamed up with South Korean chemical company Lotte Chemical to produce renewable chemicals and plastics.
As part of the collaboration, Neste said it would provide renewable Neste RE, a raw material for chemicals and plastics made from renewable raw materials, which Lotte Chemical would use at its Korean sites to produce a range of plastics and chemicals.
The plastics and chemicals produced could be used in a range of applications including packaging, construction, textiles and electronics, Neste said on 8 April.
With chemicals and plastics still largely dependent on fossil resources, both companies said there was an urgent need to make a switch to more sustainable alternatives.
“Together, we can lower emissions for a wide range of sectors and applications,” Jeroen Verhoeven, vice president Value Chain Development for renewable polymers and chemicals at Neste, said.
Seoul-based Lotte Chemical operates production facilities in Yeosu, Daesan and Ulsan, the major petrochemical complexes in Korea.
In addition to producing renewable chemicals and plastics, the company is also involved in the advanced materials, hydrogen energy, battery materials and recycled materials sectors.
