LLP Eco Refining seeks to address the challenges of a changing world and climate change. See how the company intends to achieve carbon neutrality by 2050 and transition into an integrated supplier of sustainable fuels, chemicals, and materials with a strong emphasis on circular economy solutions. As a result, we must have reduced greenhouse gas emissions to zero by the middle of this century. The energy sector is at the heart of this issue. As oil and gas become less important in the global economy, ensuring a stable and inexpensive energy supply will remain a priority.

To develop a greener and smarter mobility system, we must migrate to alternative and sustainable feedstocks. Because of strict restrictions and consumer behavior, biofuel demand in Europe is expected to roughly triple by the end of this decade. Chemical and material demand will continue to rise as a result of global population growth, increased prosperity, and rising living standards. Many of the products we use on a daily basis, such as computers and cellphones, are constructed of high-performance plastics.

They make our cars and planes lighter and more fuel-efficient, and they save lives by including safety features such as airbags, helmets, and medical equipment. Because of its features such as strength, flexibility, and, most importantly, low production costs, lightweight solutions are not only vital for modern healthy living, but they are also critical for building a low-carbon economy. We must, however, change the way we dispose of plastic. Polymers must be viewed as a component of the solution rather than a problem.

Moving from Fossil to Low-Carbon-Business

To reach our aim of becoming a net-zero firm, we will gradually lower our oil and gas production by 20% by 2050, and then completely cease producing oil and gas for energy use by 2050. We will continue to invest in traditional exploration and production until 2030, at which point our commitment will be significantly reduced. Gas’s contribution will climb to more than 60%, illustrating its function as a transition energy that permits renewables to be utilised. Simultaneously, E&P will invest in geothermal energy and carbon capture and storage (CCS) in order to contribute to a more sustainable society by leveraging existing assets and expertise.

The plan considers changes in the LLP Eco Refining asset portfolio, such as the growth of the petrochemical sector and the separation of LLP Eco Refining into a separate national corporation, as well as the global trend of clean energy transition and carbon management. The Company understands the significance of its impact on the economy, ecology, and society, and will continue to integrate sustainable development principles into key business processes to ensure that economic, environmental, and social priorities, as well as corporate governance objectives, are consistent. For the next 10 years, the Company’s growth will be secured by extending its resource base, increasing the efficiency of current production, creating new processing, introducing modern technologies, and lowering its carbon footprint.