LG Chem issued green bonds worth USD300 million to raise funds to improve its capability in materials for rechargeable batteries such as cathodes and separators, said Koreantimes.
The company said it succeeded in issuing global green bonds a type of international bond issued and distributed in the global financial market. "It is a body that is limited in its use in eco-friendly projects and infrastructure investments such as climate change and renewable energy," the company said in a statement.
LG Chem has revealed that it is making efforts to strengthen its business competitiveness after spinning off its battery cell-manufacturing subsidiary, LG Energy Solution. The company said it would invest 10 trillion won (USD7.7 billion) by 2025 in battery materials, eco-friendly plastic materials and the development of new drugs.
In the first quarter of 2021, it announced that it will implement 4 trillion won worth of facility investments every year. To that end, the company is expected to secure 3.5 trillion won worth of investment funds this year alone by issuing green bonds and borrowing facility loans.
As per MRC, LG Chem Ltd., South Korean petrochemical major, has reported its 2021 net profit of 3.95 trillion won (USD3.3 billion), up 479.4% from a year earlier. The company said in a regulatory filing that operating income for the year rose 178.4% on-year to 5.02 trillion won. LG Chem's annual revenue increased by 41.9% to 42.65 trillion won.
As MRC reported before, LG Chem plans to shut down its naphtha cracker in the Korean city of Yeosu for a scheduled turnaround this year. Thus, LG Chem is expected to put its Yeosu naphtha cracker under scheduled maintenance sometime in the second half of 2022. LG Chem's Yeosu naphtha cracker can produce 1.16 MMtpy of ethylene.
LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. It has eight domestic factories and global network of 29 business locations in 15 countries. LG Chem is a manufacturer, supplier, and exporter of petrochemical goods, IT&E Materials and Energy Solutions.
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