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Neste and LG Chem building a strategic partnership

November 09/2020

MOSCOW (MRC) -- Neste, a leading producer of renewable diesel and sustainable aviation fuel and a forerunner as a provider of renewable and circular solutions for the petrochemical industry, and LG Chem, South Koreas largest diversified petrochemicals company and a leading manufacturer of lithium-ion batteries for energy solutions, have  announced their aim to build a strategic long-term partnership to develop and grow the biopolymers and biochemicals market globally, and more specifically, in the LG Chems home market Korea, according to Hydrocarbonprocessing.

Thanks to the partnership, LG Chem will start replacing fossil feedstock commonly used in the manufacturing of polymers and chemicals with Neste Renewable Hydrocarbons in the upcoming months. This helps LG Chem to produce renewable polymers and chemicals to meet the increasing sustainability requirements and expectations of its customers such as those producing polyolefin-based containers, packaging, hygiene products, and electronic materials without compromising on quality, performance or recyclability of its products.

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 industrys transformation towards a circular bioeconomy. This cooperation enables us to further expand the portfolio of applications that can benefit from Nestes renewable drop-in solutions, says Mercedes Alonso, executive vice president, Renewable Polymers and Chemicals from Neste.

"LG Chems proprietary technology and significant market share of diverse chemical products and Nestes 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, says Kug Lae Noh, executive vice president and the president of Petrochemicals Company from LG Chem.

Nestes renewable hydrocarbons are produced entirely from traceable, bio-based raw materials, such as waste and residue oils and fats, providing a high-quality, more sustainable alternative to fossil feedstock.

As MRC reported earlier, LG Chem, a South Korean petrochemical major, has shut down its naphtha cracker in Yeosu following a fire. The company said a fire broke out at its central control room at the Yosu cracker complex at around midnight local time (15:00 GMT) on 5 November. The country's largest chemical company said it was in the process of figuring out the cause of the fire. The facility can process about 1.2 million tonnes of ethylene per year (tpy).The cracker shutdown is expected to last at least three weeks.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC"s ScanPlast report, Russia"s estimated PE consumption totalled 1,594,510 tonnes in the first nine months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, exluding producers" inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.

LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It has eight domestic factories and global network of 29 business locations in 15 countries. LG Chem is a manufacturer, supplier, and exporter of petrochemical goods, IT&E Materials and Energy Solutions.


mrcplast.com
Author:Margaret Volkova
Tags:bioplastics, PP, PE, PP random copolymer, propylene, HDPE, ethylene, batteries, petrochemistry, recikling, LG Chem, Russia, South Korea.
Category:General News
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