Eni SpA’s ( E Quick Quote E - Free Report) wholly-controlled company, Eni Sustainable Mobility, and South Korea's leading chemicals producer, LG Chem, jointly unveiled their plan to explore the possibility to develop and operate a cutting-edge biorefinery at the latter’s Daesan chemical complex, situated 80 kilometers southwest of Seoul, South Korea.
The companies are currently conducting thorough technical and economic feasibilities for the proposed biorefinery project. The final investment decision is slated for 2024, with the plant expected to be operational by 2026 at the existing integrated petrochemical complex in Daesan. The biorefinery will process approximately 400,000 tons of bio-feedstocks annually using Eni's Ecofining process. It will do so by leveraging LG Chem's integrated value chain and the existing facilities at the industrial site.
In addition to progressively decarbonize the energy and mobility sector, the potential biorefinery aims to meet the growing demand for more sustainable fuels and plastics produced by low-carbon processes. It is poised to produce a range of sustainable products, including Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO) and bio-naphtha.
LG Chem was the first South Korean chemical manufacturer to gain ISCC Plus certification for nine Bio-Circular Balanced products in April 2021. It is now set to collaborate closely with Eni to enhance the exposure of its environmentally-friendly integrated brand, LETZero. E, drawing on its extensive expertise in biorefining and innovative Ecofining technology, will play a pivotal role in this partnership. The collaboration between LG Chem and Eni represents a significant step forward in sustainable biorefining. By combining their respective strengths and expertise, the companies are set to make substantial contributions to the global efforts toward a more sustainable and eco-friendly future.
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the
energy sector are USA Compression Partners, LP ( USAC Quick Quote USAC - Free Report) and Global Partners ( GLP Quick Quote GLP - Free Report) , both currently sporting a Zacks Rank #1 (Strong Buy), and Core Laboratories Inc ( CLB Quick Quote CLB - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank stocks here
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2024 in the past seven days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. Core Labs has witnessed an upward earnings estimate revision for 2024 in the past 60 days.