LG Chem begins construction of Korea's first 'green diesel' plant
The company announced Monday that construction has started on the HVO plant in Seosan, South Chungcheong Province. Once completed in 2027, the facility is expected to produce 300,000 tons of HVO annually.
HVO, sometimes called green diesel, is produced by using hydrogen to break down vegetable oils, particularly used cooking oil, into smaller molecules. The concept is similar to biodiesel but the different chemistry of the resulting fuel means it is more stable and performs better at low temperatures.
While HVO has around 10 percent lower energy density than petroleum diesel, its proponents claim it can reduce carbon emissions by up to 90 percent. It is used in various applications, including sustainable aviation fuel, car fuel and bio-naphtha — a versatile feedstock in the chemical industry.
LG Chem plans to utilize HVO not only for biofuel production but also to expand its eco-friendly plastics business, which it sees as a core driver of future growth. The company aims to convert bio-naphtha into high-performance plastics used in home appliances, automobiles, sporting goods and hygiene products.
'LG Chem is transforming its business portfolio toward low-carbon models, aiming for both sustainable growth and improved profitability,' said LG Chem CEO Shin Hak-cheol.
'We will continue to drive technological innovation and commercialization in eco-friendly fuel and bio-resources, including HVO, to strengthen our global competitiveness and respond proactively to customer demand.'
The Seosan facility is being developed through a 50:50 joint venture with Italian energy firm Eni, which currently produces 2 million tons of HVO annually at its facilities in Italy and has an extensive global supply network.
An LG Chem official said the new facility will provide the company with more affordable access to bio-based feedstocks for its chemical manufacturing operations, which until now have largely relied on imports from global suppliers.
Competition to secure sustainable raw materials is intensifying worldwide, as companies seek to meet growing customer expectations and regulatory requirements.
According to Fortune Business Insights, the global HVO market is expected to grow at a compound annual growth rate of around 8.2 percent, expanding from approximately $21.36 billion in 2025 to $36.86 billion by 2032.
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