In a joint effort to foster sustainable mobility and combat climate change, Italy's Eni, a leading energy company, and LG Chem, a prominent petrochemicals manufacturer, have announced their collaboration to explore the potential development of a biorefinery in South Korea. This strategic partnership, unveiled in a joint statement on Thursday, underscores the companies' commitment to reducing carbon emissions and advancing environmentally-friendly solutions.
Eni envisions that biofuels derived from sources such as vegetable oil, waste cooking oil, and grease will play a pivotal role in the ongoing efforts to decarbonize the transportation sectors, including trucks, aviation, and shipping, in the coming years. The company, already operating two biorefineries within Italy, has expressed its desire to expand its footprint globally, particularly in Asia and the United States.
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The ambitious project in South Korea is designed to process approximately 400,000 tonnes of bio-feedstocks annually, with the primary goal of meeting the surging demand for sustainable fuels and low-carbon plastics. The biorefinery will be equipped with the flexibility to process various renewable bio-feedstocks, allowing for the production of multiple products, including sustainable aviation fuel (SAF), hydrotreated vegetable oil (HVO), and bio-naphtha.
The final decision regarding this substantial investment is slated to be made by next year. If approved, the biorefinery is expected to be operational by 2026. It will be located within LG Chem's existing integrated petrochemical complex in Daesan, southwest Seoul.
Eni, as part of its commitment to sustainability, will provide the South Korean biorefinery with sustainable feedstock primarily sourced from waste and residue generated during the processing of vegetable oils, used cooking oil, and vegetable oils from drought-resistant crops. The company has also recently entered into agreements with several African and Asian nations to establish farming initiatives capable of cultivating these crops in degraded, semi-arid, or abandoned soils not suitable for food production.
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The collaboration between Eni and LG Chem marks a significant step towards a greener future, where innovative biofuels and low-carbon plastics contribute to a more sustainable and environmentally-conscious global economy.
