LG Chem to Inaugurate New Plant

LG Chem held a groundbreaking ceremony for South Korea's first super critical pyrolysis plant and an aerogel, a next-generation insulation material, plant for creating a plastic circular economy structure at the Seokmun National Industrial Complex in Dangjin, Chungnam. Ministry of Trade, Industry and Energy Secretary Joo Young-hoon, Dangjin Mayor Oh Seong Hwan, LG Chem Chief Executive Officer Hak Cheol Shin and Executive Vice President KUG LAE, NOH attended the event. UK-based Mura CEO Steven Mahon and Hyundai Engineering CEO Hyeon Sung Hong who agreed to provide technical support for the plant were also in attendance. LG Chem plans to invest a total of KRW 310 billion by 2024 to construct a super critical pyrolysis plant and a plant for producing aerogel, which is a next-generation insulation material, on a site with an area of 240,000 m2 (equivalent to 32 football fields) to develop future eco-friendly businesses in Seokmun National Industrial Park. Aerogel is produced using proprietary technology developed by LG Chem and it is lightweight as it is composed of more than 95% gases having properties that are both water-resistant and fire-resistant. Particularly when used as insulation material for pipes and equipment at industrial sites, heat loss can be minimized. Aerogel is expected to have market growth of more than 30% every year owing to the demand for eco-friendly energy (liquefied hydrogen) transportation and storage, as well as heat blocking, etc. Hak Cheol Shin, Chief Executive Officer of LG Chem, commented: "The Dangjin Plant will become a global center for the eco-friendly materials sector. LG Chem will play a leading role for sustainable development and to achieve carbon-neutrality goals as a leading company of the petrochemical industry." Source