BOOKMARK
  • Korean|
  • Chinese|
  • Japanese|
  • Vietnamese
본문내용 바로가기

Aju Business Daily

SEARCH
World's top technology exhibition CES 2021
  • ECONOMY
  • ENTERTAINMENT
  • IT
  • South Korea
  • North Korea
  • WORLD
  • SPORTS
  • LIFESTYLE
  • AUTO MOTIVE
  • OPINION
  • PEOPLE
  • MILITARY
Home > Industry > article

LG Chem forges partnership with Neste of Finland for production of eco-friendly materials

Lim Chang-won Reporter(cwlim34@ajunews.com) | Posted : November 5, 2020, 09:58 | Updated : November 5, 2020, 09:58
  • 트위터
  • 페이스북
  • 웨이보

[Courtesy of LG Chem]


SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, has signed a strategic partnership with Neste, a leading biodiesel producer based in Finland, to accelerate the production of eco-friendly materials. They agreed to seek opportunities to commercialize various products based on bio-materials.

Through its partnership with Neste, LG Chem said it has secured a stable delivery of biomaterials for the production of eco-friendly synthetic resins. Traditional synthetic resins widely used in construction are made from fossil sources and not biodegradable. Neste's bio-based raw materials are produced from vegetable oils such as renewable waste cooking oil and palm oil.

The partnership with Neste comes amid concerns among shareholders over LG Chem's decision to spin off its battery business as an independent entity that would be officially launched on December 1. South Korea's state pension fund, which is the second-largest shareholder of LG Chem, insisted the spin-off plan could undermine the value of shareholders.

"LG Chem’s technology, that of a leading company in Korea’s petrochemical industry, and Neste’s sustainability, that of a world's largest biodiesel company, have come together to build a partnership that will strengthen global competitiveness for both parties," LG Chem's petrochemical unit head Noh Kug-lae said in an English statement.

Based on its technology and vertically-integrated business structure, LG Chem said that Neste would diversify its business portfolio into the petrochemical sector while incorporating renewable biobased materials into high-value-added products.

"LG Chem will continue to expand its virtuous cycle business based on bio- and eco-friendly materials," Noh said. The South Korean company has vowed to increase the proportion of bio-materials.

In October, LG Chem claimed to have developed a new biodegradable material that can be used for plastic bags, air cap buffers, disposable cups and foaming products because of improved flexibility and transparency. The new material can realize mechanical properties equivalent to synthetic resins and is a single biodegradable material with 100 percent bio contents using corn-based glucose and crude glycerol.

Bioplastics can be made from agricultural by-products and also from used plastic bottles and other containers using microorganisms. LG Chem has tried to commercialize polylactic acid, a corn ingredient, and polybutylene adipate terephthalate (PBAT) which is a biodegradable random copolymer and makes it ideal for combination with other biodegradable polymers.

 

  • Lim Chang-won Reporter
  • email : cwlim34@ajunews.com
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or broadcast without the authorization from the Aju News Corporation.
  • twitter
  • facebook
  • weibo
  • link copy
  • LIST
  • TOP

Related news

  • .LG Chem develops world’s first biodegradable new material for mass production in 2025.
    LG Chem develops 'world’s first' biodegradable new material …
  • .LG Chem vows not to push for projects if environment and safety are unsecured.
    LG Chem vows not to push for projects if environment and saf…
  • .LG Chems board endorses spin-off of battery business to strengthen competitiveness.
    LG Chem's board endorses spin-off of battery business to str…
  • .LG Chem pushes for RE100 initiative to reduce carbon emissions.
    LG Chem pushes for RE100 initiative to reduce carbon emissio…

Real Time Photo News

  • .Singer IU drops teaser image for upcoming full album.

    Singer IU drops teaser image for upcoming full album

  • .Cube Entertainment partners with web comics company to create online video content.

    Cube Entertainment partners with web comics company to create online video content

  • .Sci-fi film starring Song Joong-ki to be reelased on Netflix in February.

    Sci-fi film starring Song Joong-ki to be reelased on Netflix in February

  • .Actor Kim Soo-hyun to star in S. Korean remake of British TV drama series Criminal Justice.

    Actor Kim Soo-hyun to star in S. Korean remake of British TV drama series 'Criminal Justice'

  • .CJ ENM partners with NCSoft to roll out new digital content for global market.

    CJ ENM partners with NCSoft to roll out new digital content for global market

Latest News

more+

  • Singer IU drops teaser image for upcoming full album
  • Hyundai to complete construction of fuel cell production plant in China in 2022
  • Seoul builds solar power plant on idle land near urban expressway
  • Samsung showcases new Galaxy S21 smartphone models
  • Southern city launches joint research project to develop heavy-duty flying taxi drone
Aju Business Daily
  • ABOUT US
  • CONTACT US
  • PRIVACY STATEMENT
  • Copyright Policy

Address : Aju News Corporation LEEMA Building, 11th floor, 42, Jong-ro 1-gil, Jongno-gu, Seoul.    Mail : swatchsjp@ajunews.com

Copyright ⓒ 2016 By Ajunews Corporation, All Rights Reserved.

Mobile view