LG Chem, a Korean chemical company, and Enilive, an Italian multinational energy company, formed a joined venture to develop and operate a new biorefinery. Financial terms were not disclosed. “Biofuel production is one of the main pillars of our strategy to contribute to reach net zero emissions by 2050 also through the sale of increasingly decarbonized products to our clients. The biorefinery project we are working on together with LG Chem is a key element to expand Enilive biorefining presence internationally, to raise its capacity from current 1.65m tons/year to over 5m tons/year by 2030 and to increase the optionality of SAF production to up to 2m tons/year from 2030,” Claudio Descalzi, Eni CEO.