Neste Partners with Lotte Chemical for Renewable Chemicals and Plastics

Neste and Lotte Chemical have joined forces to advance sustainability in the chemicals and plastics industry. Through a strategic partnership, they aim to replace fossil resources with renewable raw materials, reducing the carbon footprint of their products.

Under this collaboration, Neste will supply Lotte Chemical with renewable Neste RE™, a raw material derived entirely from renewable sources. Lotte Chemical will utilize Neste RE at its facilities in South Korea to manufacture various types of plastics and chemicals across its extensive product range. These sustainable plastics and chemicals will find applications in diverse industries, including packaging, construction, textiles, and electronics, without compromising on quality or performance.

Given the predominant reliance on fossil resources in the chemical and plastics sectors, both companies recognize the imperative to transition to sustainable alternatives.

"We are excited about expanding the use of renewable solutions in partnership with Lotte Chemical," says Jeroen Verhoeven, Vice President of Value Chain Development for renewable polymers and chemicals at Neste. " Collectively, we have the potential to promote the implementation of sustainable supply chains and substantially diminish emissions across various sectors and applications."

Neste is dedicated to combating climate change and driving the transition to a circular economy. By refining waste, residues, and cutting-edge raw materials, Neste produces renewable fuels and sustainable feedstock for plastics and various other materials.

As a frontrunner in sustainable aviation fuel and renewable diesel production and a trailblazer in creating renewable and circular feedstock solutions for polymers and chemicals, Neste empowers its clients to slash greenhouse gas emissions by a minimum of 20 million tons per year by 2030. With the aim of turning the Porvoo oil refinery in Finland into Europe's most sustainable refinery by 2030, Neste is dedicated to achieving carbon-neutral production by 2035.

Driven by the vision of turning the Porvoo oil refinery in Finland into Europe's most sustainable refinery by 2030, Neste is dedicated to achieving carbon-neutral production by 2035. Moreover, the company aims to decrease the carbon emission intensity of its sold products by 50% by 2040. Neste maintains rigorous criteria concerning biodiversity, human rights, and the sustainability of its supply chain. Recognized for its sustainability efforts, Neste has consistently been featured in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2023, Neste recorded revenue of EUR 22.9 billion.

Established in 1976, LOTTE Chemical (HQ, Seoul, Korea) stands as a prominent chemical company in Korea, renowned for its exceptional competitiveness achieved through continual business expansion. With a focus on fostering stable business operations and an efficient business portfolio, LOTTE Chemical unveiled its 'Green Promise 2030' ESG strategy in 2022. Aligned with the new corporate vision of 'Every Step for GREEN,' this strategy aims to drive future-oriented value growth by spearheading sustainable initiatives in various industries. LOTTE Chemical has set ambitious targets, including supplying 1.8 million tons of hydrogen by 2035, expanding its battery material business into the global market, and advancing lithium-ion batteries into the core materials market.