Finnish renewable fuels producer Neste and South Korean chemical company LG Chem are working in partnership to develop the biopolymers and biochemical market, Neste announced on 5 November.
Their aim is to drive the polymers and chemicals industry towards a circular economy, both globally and, more specifically, in LG Chem’s home market Korea.
The collaboration will help LG Chem to produce renewable polymers and chemicals by replacing fossil feedstock commonly used in their manufacture with Neste Renewable Hydrocarbons.
“We are delighted to start collaborating with LG Chem, a company with one of the most diverse polymers and chemicals offerings in the world, to make an increasing impact on the global industry’s transformation towards a circular bioeconomy,” said Mercedes Alonso, executive vice president, renewable polymers and chemicals at Neste.
Neste's renewable hydrocarbons are produced from traceable, bio-based raw materials, such as waste and residue oils and fats.
“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, LG Chem’s executive vice president and petrochemical president.