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This file photo, provided by LG Chem Ltd., shows its chemical factory in Yeosu, located about 455 kilometers south of Seoul. (LG Chem Ltd.) |
LG Chem Ltd., South Korea's leading chemical firm, said Thursday it will collaborate with Finland-based bio diesel producer Neste to develop renewable materials for its chemical products.
LG Chem and Neste signed a strategic long-term partnership to develop biopolymers and biochemicals to reduce use of fossil feedstock in the Korean company's manufacturing process.
LG Chem has a diversified chemical portfolio ranging from petrochemical products to lithium-ion batteries for electric vehicles.
The partnership is part of the leading battery maker's long-term plan to reduce carbon emissions in 2050 to 10 million tons, which is equivalent to the amount in 2019.
Neste, the world's No. 1 bio diesel company, produces renewable hydrocarbon from traceable, bio-based raw materials, such as waste and residue oils and fats, to provide a more sustainable alternative to fossil feedstock. (Yonhap)
