Neste and Lotte Chemical team up on renewable chemicals and plastics
Neste Corporation, Press Release, 8 April 2024 at 8 a.m. (EET)
Photo: The use of renewable materials in the manufacturing of polymers and chemicals can help reduce reliance on fossil resources. Source: Neste
- Collaboration targets replacing fossil resources with renewable raw materials in the manufacturing of chemicals and plastics
- Potential to provide lower-emission solutions for chemicals and plastics used in various industries
Neste and South Korean chemical company Lotte Chemical are teaming up to make chemicals and plastics more sustainable. The companies embark on 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.
The collaboration will see Neste providing renewable Neste RE™, a raw material for chemicals and plastics, that is made from 100% renewable raw materials. Lotte Chemical will use Neste RE at the company’s Korean sites to produce various common types of plastics and chemicals in Lotte Chemical’s broad product portfolio. These plastics and chemicals may be used in multiple applications and in supply chains for various products ranging from packaging to construction and from textiles to 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 make a switch to more sustainable alternatives.
“We are looking forward to increasing the share of renewable solutions in collaboration with Lotte Chemical,” says Jeroen Verhoeven, Vice President Value Chain Development for renewable polymers and chemicals at Neste. “Together, we can pave the way to more sustainable supply chains and lower emissions for a wide range of sectors and applications.”
Neste Corporation
Susanna Sieppi
Vice President, Communications and Brand (act.)
Further information:
Neste: Please contact Neste's media service, tel. +358 800 94025 / media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET). Please subscribe to Neste’s releases at https://www.neste.com/for-media/releases-and-news/subscribe.
Lotte Chemical: Please contact Lotte Chemical’s Communication team, tel. +82 2 829 4268 / peterchoi@lotte.net
For more information about Lotte Chemical’s releases visit at https://www.lottechem.com/en/media/news/list.do
Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials.
As the world’s leading producer of sustainable aviation fuel and renewable diesel and a forerunner in developing renewable and circular feedstock solutions for polymers and chemicals, Neste helps its customers to reduce their greenhouse gas emissions by at least 20 million tons annually by 2030.
The company’s ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. Neste is committed to reaching carbon-neutral production by 2035, and will reduce the carbon emission intensity of sold products by 50% by 2040. Neste has also set high standards for biodiversity, human rights and the supply chain. The company has consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2023, Neste's revenue stood at EUR 22.9 billion. Read more: neste.com
Lotte Chemical in brief
Founded in 1976, LOTTE Chemical (HQ, Seoul, Korea) is a leading chemical company in Korea that has secured outstanding competitiveness through continuous business expansion, and is building a stable business operation and an efficient business portfolio.
In 2022, LOTTE Chemical unveiled ‘Green Promise 2030,’ an ESG strategy that aligns with our new corporate vision of ‘Every Step for GREEN.’ The company aims to achieve future-oriented value growth by taking the lead in sustainable future industries. Estimated to supply 1.8 million tons of hydrogen by 2035 and expand battery material business into the global market and advance lithium-ion batteries into the 4 core materials market. For more information visit: https://www.lottechem.com/en/index.do
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