LG Chem to Invest 310 Billion KRW in Petrochemical Future Materials in Dangjin

Groundbreaking of Pyrolysis Oil and Aerogel Factories in Q1 Next Year

Shin Hak-cheol, Vice Chairman of LG Chem (right), is taking a commemorative photo after signing a Memorandum of Understanding (MOU) with Kim Tae-heum, Governor of Chungcheongnam-do (center), and Oh Seong-hwan, Mayor of Dangjin (left), at Chungnam Provincial Office on the 16th.

[Asia Economy Reporter Oh Hyung-gil] LG Chem is accelerating the construction of factories to foster next-generation materials in the petrochemical sector.

LG Chem announced on the 16th that it will invest approximately 310 billion KRW by 2024 to start building a pyrolysis oil plant for establishing a plastic circular economy and a new aerogel factory, known as a next-generation insulation material, in the Seokmun National Industrial Complex in Dangjin-si, Chungnam Province.

Both plants are scheduled to begin construction in the first quarter of next year, with commercial production targeted for 2024.

Earlier this year, LG Chem announced the construction of Korea's first supercritical pyrolysis oil plant and completed the occupancy permit approval within the Seokmun National Industrial Complex in June. Supercritical refers to a special heat source generated in a steam state where temperature and pressure exceed the critical point of water, possessing both the solubility of liquids and the diffusivity of gases, making it useful for extracting specific substances.

Aerogel is a high-performance insulation material composed of more than 95% gas, known as the lightest solid in the world. Although as light as air, it does not absorb water and is non-flammable, making it a next-generation material capable of withstanding high temperatures.

Starting with the construction of the pyrolysis oil and aerogel plants, LG Chem plans to develop its Dangjin site in Chungnam as a hub for eco-friendly and future promising material businesses.

To ensure smooth investment progress, LG Chem also signed an investment agreement (MOU) with Chungnam Province and Dangjin City. LG Chem plans to actively utilize a 240,000㎡ site within the Seokmun National Industrial Complex for establishing new factories and investing in related material and process fields.

Chungnam Province and Dangjin City plan to provide various administrative and financial support to facilitate LG Chem's future projects. LG Chem expects to create approximately 150 direct jobs through this investment.

Shin Hak-cheol, Vice Chairman of LG Chem, said, "Based on a strong cooperative relationship with Chungnam Province and Dangjin City, we will further accelerate sustainable growth and development."

This content was produced with the assistance of AI translation services.