LG Chem [051910:KS] announced that it would launch a plant to extract oil from chemically recycled plastic waste, as reported by the Korea Herald on January 18. The plant will be located in Dangjin, South Chungcheong Province. LG Chem will use the extracted oil to generate raw materials for plastic production. The plant is expected to commence operation in 1Q24 and turn out 20,000 tons of oil annually. LG Chem will collaborate with Mura Technology, a British plastic recycling company, to use the latter’s chemical recycling technologies. The Korean chemical producer has acquired a stake in Mura Technology.
LG Chem has devoted itself to the R&D of new plastics production through plastic waste reuse and recycling. Furthermore, recycling plastic waste is the most efficient approach to meet the company’s 2050 carbon neutrality target. LG Chem announced its carbon neutrality goal in July 2020, pledging to take a number of steps by 2050 to reduce carbon emissions to 10m tons, the same level as in 2019. Many firms across the globe are working on innovative ways to recycle plastics. Mura Technology, for example, secured an agreement with Mitsubishi Chemical [4010:JP] in June that allows the latter to deploy its technology to produce chemicals and renewable oils with recycled plastics instead of fossil fuels.