LG Chem to recycle marine wastes to produce plastics

South Korea's largest chemicals company LG Chem Ltd. signed a memorandum of understanding (MOU) with a domestic resource circulation start-up Netspa to build a resource circulation system by recycling marine wastes, the company said on Thursday.

Once Netspa sorts and extracts high-purity plastics from marine wastes such as discarded fishing nets, LG Chem will use it as feedstock to produce recycled plastics.

Through the MOU, LG Chem will be able to stably secure raw materials for its pyrolysis oil plant in Dangjin, South Choongchung Province, which is set to go into operation in 2024. 

Korea domestically generates about 50,000 tons of marine wastes every year.

But most of them are left uncollected due to high collection costs, and even if they are collected, the bulk of them are left neglected or incinerated owing to difficulties in processing.

The two hopes the partnership will help reduce marine wastes while reducing carbon emissions by three-fold compared to other fossil fuel-based products.

“We will further accelerate eco-friendly technologies and businesses for sustainable growth in the future such as marine waste resource circulation,” said LG Chem Petrochemicals Company President Noh Kug-lae.

Under the goal of achieving net zero by 2050, LG Chem has been bolstering new sustainable, eco-friendly businesses such as launching eco-friendly plastics using bio-materials, establishing a bio-mass power plant joint venture, and producing plastics through carbon capture.

Write to Jae-Fu Kim at hu@hankyung.com