Finland based oil refining and marketing company Neste, Oyj has entered into a pact with the South Korean chemical giant LG Chem, aiming to produce the biopolymers and biochemicals globally. As per the pact, LG Chem will replace the fossil feedstocks used for manufacturing polymers and chemicals with ‘Neste Renewable Hydrocarbons’ in the near term, thereby lending its significant contribution towards transforming the world into a circular bioeconomy.
The partnership would enable the Korean chemical company to produce eco-friendly resins from Neste’s biomaterials, and hence would enable the company achieve its required sustainability standards. With this strategic move, LG Chem plans to start the production of bio-based Polyolefin (PO), Polycarbonate (PC), Super Absorbent Polymer (SAP) and Polyvinyl Chloride (PVC) by the second half of 2021 (H2-2021) at its home market Korea.
The two parties are eyeing on huge impact over the global chemical industry through this supreme combination of LG Chem’s proprietary technology and diverse chemical portfolio with Neste’s environment sustainability solutions based on renewable hydrocarbons.