Italy's Eni, LG Chem press ahead with South Korea's biorefinery project
1/19/2024 7:50:00 AM
(Reuters) - Eni's sustainable mobility unit Enilive has signed joint venture agreement with LG Chem to develop a biorefinery in South Korea.
A final investment decision on the project is expected by 2024, with the aim of completing the biorefinery by 2026, the two companies said in a statement on Friday.
Biofuel production is one of the pillars of Italian energy group Eni's decarbonization strategy. It aims to raise its biorefining capacity to over 5 million tons per year by 2030 from 1.65 million tons a year currently.
In September, Enilive and LG Chem said they were exploring the possibility of developing a new biorefinery at the South Korean company's existing integrated petrochemical complex in Daesan, southwest of Seoul.
Related News
- Dow Chemical, Innventure to collaborate on waste-to-value platform
- Technip Energies, LanzaTech awarded U.S. DOE funding for breakthrough CO2-to-ethylene technology
- Verde Clean Fuels receives $50-MM investment from Cottonmouth Ventures for the potential development of GTG plants in the Permian Basin (U.S.)
Comments