Italy's Eni and LG Chem Team Up for Biorefinery in South Korea
09.15.2023 By Tank Terminals - NEWS

September 15, 2023 [Reuters]- The sustainable mobility unit of Italy’s Eni (ENI.MI) and petrochemicals maker LG Chem (051910.KS) have teamed up to explore the potential development of a biorefinery in South Korea, the two companies said in a statement on Thursday.

 

Eni believes biofuels made from vegetable oil, waste cooking oil and grease will play a key role in decarbonising the truck, aviation and shipping sectors in the next few years.

The Italian group, which already operates two biorefineries at home, recently said it also wanted to develop plants in Asia and the United States.

The new project, which is designed to process around 400,000 tonnes of bio-feedstocks per year, aims to meet growing demand for both sustainable fuels and plastics produced through low-carbon processes.

It will have the flexibility to process renewable bio-feedstocks and produce multiple products including sustainable aviation fuel (SAF), hydrotreated vegetable oil (HVO), and bio-naphtha.

A final decision for the investment is scheduled to be made by next year and the plant is set to be completed by 2026 at LG Chem’s existing integrated petrochemical complex in Daesan, southwest Seoul.

Eni will provide the South Korean biorefinery with sustainable feedstock mainly sourced from waste and residue from the processing of vegetable oils, used cooking oil, and also vegetable oils from drought-resistant crops.

The Italian group recently signed several agreements with African and Asian countries to develop farming ventures able to produce these crops in degraded, semi-arid or abandoned soils not used for food production.

 

Pro Trial: Access 12,600 Tank Terminal and Production Facilities

12,600 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More