Neste, Lotte Chemical Collaborate on Renewable Chemicals and Plastics
Finnish refiner Neste and South Korean chemical company Lotte Chemical agreed on a strategic collaboration to replace fossil resources with renewable raw materials in the manufacturing of chemicals and plastics. This, the partners said, will enable products and applications with a lower carbon footprint compared to those produced from fossil resources.
As part of the collaboration, Neste will provide renewable Neste RE, a raw material for chemicals and plastics, that is made from 100% renewable raw materials. Lotte Chemical will use this material at the company’s Korean sites to produce various common types of plastics and chemicals of its product portfolio.
These plastics and chemicals can 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, Neste and Lotte Chemical emphasized in a statement, remain unchanged.
“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,” says Jeroen Verhoeven, Neste’s vice president Value Chain Development for renewable polymers and chemicals.
