On the 12th, Leading Resource Circulation Company Netsupa Signs Chemical Recycling Material Supply MOU
[Asia Economy Reporter Donghoon Jeong] LG Chem is producing plastic by recycling marine waste, a major problem in the ocean.
On the 12th, LG Chem announced that it signed a business agreement (MOU) to establish a resource circulation system through marine waste recycling with NETSPA, a company leading resource circulation, at the LG Twin Towers in Yeouido, Yeongdeungpo-gu, Seoul.
Through this agreement, LG Chem will be able to secure raw materials stably for the pyrolysis oil plant scheduled to operate in 2024 in Seokmun National Industrial Complex, Dangjin-si, Chungnam Province. NETSPA will sort and process plastics from marine waste and provide them, and LG Chem will use these to produce recycled plastics.
Both companies expect to achieve two goals through this resource circulation partnership: protecting the marine ecosystem and reducing carbon emissions.
Marine waste such as discarded fishing nets generates about 50,000 tons annually according to domestic standards, but collection has been inefficient due to disposal costs, and even when collected, treatment has been difficult, leading to abandonment or mainly incineration.
By utilizing this waste as raw material for recycled plastics, the companies expect to reduce marine litter while cutting carbon emissions by about three times compared to conventional fossil fuel-based products.
Noh Guk-rae, Head of Petrochemical Business Division at LG Chem, stated, "We will further accelerate eco-friendly technologies and businesses for future sustainable growth, including marine waste resource circulation."
Meanwhile, since declaring net zero by 2050, LG Chem has been accelerating sustainable eco-friendly new businesses such as launching bio-based eco-friendly plastics, establishing a biomass power plant joint venture, and producing plastics through carbon dioxide capture.
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