Finnish manufacturer Neste and South Korea's Lotte Chemical are to collaborate on the use of renewable raw materials to make certain types of chemical and plastic products and replace fossil fuel-based feedstocks, Neste said in a news release Monday.

Neste said the collaboration will result in the manufacture of products with a lower carbon footprint compared to those made from fossil fuel-based resources.

These plastics and chemicals will be used in applications and supply chains ranging from packaging to construction and electronics. Further details and costs weren't disclosed in the news release.

Neste will provide renewable Neste RE, a raw material for chemicals and plastics made from 100% renewable raw materials that Lotte Chemical will use at its plants in South Korea.

"We are looking forward to increasing the share of renewable solutions in collaboration with Lotte Chemical," said Jeroen Verhoeven, vice president of value chain development for renewable polymers and chemicals at Neste.


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--Reporting by Rob Sheridan, rsheridan@opisnet.com; Editing by Yazdi Merchant, ymerchant@opisnet.com


(END) Dow Jones Newswires

04-08-24 1230ET