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LG Chem, Neste sign strategic partnership on renewable sources

All News 10:45 November 05, 2020

SEOUL, Nov. 5 (Yonhap) -- 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.

This file photo, provided by LG Chem Ltd., shows its chemical factory in Yeosu, located about 455 kilometers south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)


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