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LG Chem signs deal with local venture for fishing net waste supply

All News 10:00 January 12, 2023

SEOUL, Jan. 12 (Yonhap) -- LG Chem Ltd., South Korea's top chemical producer, said Thursday it has signed an initial agreement with a local startup on the supply of fishing net waste to use it as feedstock for plastic recycling.

Netspa, LG Chem's new partner, has developed a technology to extract high-purity nylon from fishing net scraps and other marine waste.

Under the memorandum of understanding with Netspa, LG Chem will use the extracted material to recycle plastics at its new pyrolysis plant under construction in the country's central region.

LG Chem announced in November last year it will build new facilities that will recycle plastic waste into oil using high-temperature steam.

The oil is then used as feedstock to manufacture new plastics.

The new pyrolysis plant is set to go into operation in 2024.

South Korea releases approximately 50,000 tons of marine litter every year in the domestic market only, according to LG Chem.

The bulk of them are usually burned or dumped into the sea because of high costs for collection and reprocessing, contributing to environmental pollution.

LG Chem said it expects the partnership will help do its part in the preservation and protection of the marine ecosystem and reduction of carbon emissions.

LG Chem has been bolstering the push for bio crude and biomass segments under the goal of achieving net zero by 2050.

This photo, provided by LG Chem Ltd. on Jan. 12, 2023, shows the feedstock for recycled plastics, produced by Netspa, a South Korean venture and LG Chem's new partner, with a technology to extract plastic raw materials from fishing net waste. (PHOTO NOT FOR SALE) (Yonhap)

This photo, provided by LG Chem Ltd. on Jan. 12, 2023, shows the feedstock for recycled plastics, produced by Netspa, a South Korean venture and LG Chem's new partner, with a technology to extract plastic raw materials from fishing net waste. (PHOTO NOT FOR SALE) (Yonhap)

elly@yna.co.kr
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