SEOUL– LG Chem Ltd., South Korea’s leading chemical producer, said Wednesday it is spending 310 billion won (US$234 million) in total to build new facilities for plastic recycling and the production of a thermal insulator component.

LG Chem said it is on track to break ground on the plastic pyrolysis plant that will recycle plastic waste using high-temperature steam, known as supercritical pyrolysis.

The new pyrolysis plant in the southwestern city of Dangjin will have an annual capacity of 20,000 tons to produce oil from plastic waste.

Supercritical pyrolysis is a technology that decomposes used plastic with steam at high temperature and pressure beyond a critical point and converts it into fossil-replacement oils and chemicals that can be reprocessed into new plastics.

In addition, LG Chem will build a separate facility in the same complex to produce aerogel, a light solid material used as a thermal insulator for electric vehicle batteries, the transport and storage of liquid hydrogen, and special clothing like spacesuits.

Both facilities will go into operation in 2024.

Source: Yonhap News Agency