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LG Chem announced that it entered into an MOU (Memorandum of Understanding) for building a resource circulation system by recycling marine wastes with NETSPA, a leading company in resource circulation, at the Yeouido LG Twin Towers on the 12th.
Through this MOU, LG Chem will be able to stably secure raw materials for its Seokmun National Industrial Park pyrolysis oil plant in Dangjin, Chungnam, which is scheduled to begin operations in 2024. Once NETSPA sorts and processes plastics from marine wastes, LG Chem will use it to produce recycled plastics.
The two companies hope to not only protect the marine ecosystem but also reduce carbon emissions through this resource circulation partnership.
About 50,000 tons of marine wastes, such as discarded fish nets, are generated every year in Korea. But collecting the wastes has been difficult due to the costs of discarding, and even if they are collected, it has been difficult to treat. Therefore, most of the wastes were left neglected or incinerated.
LG Chen and NETSPA anticipate that using it as materials for recycled plastic will help reduce marine wastes while reducing carbon emissions by three-fold compared to other fossil fuel-based products.
LG Chem Petrochemicals Company President KUG LAE, NOH stated, “We will further accelerate eco-friendly technologies and businesses for sustainable growth in the future such as marine waste resource circulation.”
