Eni announces that LG Chem and Enilive (Eni's company in charge of bio-refining activities) have taken a further step towards a final investment decision on the project for a new biorefinery in South Korea by signing the joint venture agreement.

The agreement was signed in Rome by the CEOs of LG Chem and Enilive.

As a reminder, last September Enilive (a company directly controlled by Eni, which holds 100% of its capital) and LG Chem announced that they were studying the possibility of developing and operating a new biorefinery at LG Chem's existing integrated petrochemical complex in Daesan, South Korea.

The aim is to complete the biorefinery by 2026, producing sustainable aviation fuel (SAF), hydrotreated vegetable oil (HVO) and bio-naphtha. LG Chem and Eni will combine their expertise in this initiative.

The final investment decision is expected in 2024.

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