Finland-headed oil refiner and renewable products major Neste Oyj has announced that it and South Korean chemical major LOTTE Chemical Corporation will partner in a strategic collaboration to replace fossil resources with renewable raw materials in the manufacturing of chemicals and plastics. This will enable products and applications with a lower carbon footprint compared to those produced from fossil resources.
According to a statement, the collaboration will see Neste providing renewable “Neste RE”, a raw material for chemicals and plastics made from 100 percent renewable raw materials.
LOTTE Chemical will use Neste RE at the company’s Korean sites to produce various common plastics and chemicals in the broad LOTTE Chemical product portfolio.
These plastics and chemicals may be used in multiple applications and supply chains for products ranging from packaging to construction, textiles, and electronics.
The quality and performance of the end products remain unchanged.
With chemicals and plastics still largely depending on fossil resources, both companies see an urgent need to switch to more sustainable alternatives.
We are looking forward to increasing the share of renewable solutions in collaboration with LOTTE Chemical. Together, we can pave the way to more sustainable supply chains and lower emissions for a wide range of sectors and applications, said Jeroen Verhoeven, VP of Value Chain Development for Renewable Polymers and Chemicals at Neste.
