Finland’s Neste to supply renewable feedstock to Korea’s Lotte Chemical

SINGAPORE (ICIS)–Neste will be supplying renewable feedstock to South Korea’s Lotte Chemical for the production of polymers and chemicals, the Finland-based refiner said on Monday.

“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,” it said in a statement.

“With chemicals and plastics still largely depending on fossil resources, both companies see an urgent need to make a switch to more sustainable alternatives.”

Neste RE is a ISCC (International Sustainability and Carbon Certification)-certified feedstock for polymers and chemicals made from renewable raw materials such as waste and residue oil and fats.

Financial details and timeline of the collaboration were not disclosed.