Italy's Eni, LG Chem press ahead with South Korea's biorefinery project
1/19/2024 7:50:00 AM
(Reuters) - Eni's sustainable mobility unit Enilive has signed joint venture agreement with LG Chem to develop a biorefinery in South Korea.
A final investment decision on the project is expected by 2024, with the aim of completing the biorefinery by 2026, the two companies said in a statement on Friday.
Biofuel production is one of the pillars of Italian energy group Eni's decarbonization strategy. It aims to raise its biorefining capacity to over 5 million tons per year by 2030 from 1.65 million tons a year currently.
In September, Enilive and LG Chem said they were exploring the possibility of developing a new biorefinery at the South Korean company's existing integrated petrochemical complex in Daesan, southwest of Seoul.
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