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Rome/Seoul, January 19, 2024 – LG Chem and Enilive move a further step forward to the final investment decision on the project of a new biorefinery in South Korea by signing the joint venture agreement. The agreement has been signed in Rome by Eni CEO, Claudio Descalzi, and LG Chem CEO, Shin Hak-cheol.
Last September, Enilive (a company directly controlled by Eni, which holds 100% of its share capital) and LG Chem announced they were exploring the possibility to develop and operate a new biorefinery at existing LG Chem’s integrated petrochemical complex in Daesan, South Korea, with the aim to complete the biorefinery by 2026 and to make it process approximately 400,000 tons of renewable bio-feedstocks annually using Eni's Ecofining™ technology and produce multiple products including Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and bio-naphtha. LG Chem and Eni will combine expertise in this initiative. The final investment decision is expected in 2024.
Eni CEO Claudio Descalzi stated: “Biofuel production is one of the main pillars of our strategy to contribute to reach net zero emissions by 2050 also through the sale of increasingly decarbonized products to our clients. The biorefinery project we are working on together with LG Chem is a key element to expand Enilive biorefining presence internationally, to raise its capacity from current 1.65 million tons/year to over 5 million tons/year by 2030 and to increase the optionality of SAF production to up to 2 million tons/year from 2030.”
LG Chem CEO Shin Hak-cheol noted, “This agreement holds significant meaning as it represents the collaboration and joint effort of global leading companies towards the common goal of ‘Net Zero’.” He further stated, “LG Chem will actively support the successful execution of this project and, moving forward, will solidify its position as a leading company in the eco-friendly plastic industry, achieving sustainable development and carbon neutrality as a true global entity.”
LG Chem CEO, Shin Hak-cheol, and Eni CEO, Claudio Descalzi
LG Chem’s integrated petrochemical complex in Daesan, South Korea
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
If questions are formulated that violate the set security criteria, the system will not proceed with processing the response. Please remember not to send personal data.
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