Italy's Eni, LG Chem press ahead with South Korea's biorefinery project

LG Chem

19/01/2024 10:13

MILAN, Jan 19 (Reuters) - Eni's  ENI.MI  sustainable
mobility unit Enilive has signed joint venture agreement with LG
Chem  051910.KS  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 decarbonisation 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.
    

 (Reporting by Francesca Landini; editing by Gianluca Semeraro
and Jasdon Neely)
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