Italy's Versalis (Milan; www.polimerieuropa.com) and South Korean petrochemicals producer LG Chem (Seoul; www.lgchem.com) have signed a memorandum of understanding (MoU) to establish a strategic partnership, which will lead to entering the European market with premium synthetic resins. LG CEO Jinsoo Park and Versalis top boss Daniele Ferrari recently met in Milan to sign the MoU at a ceremony marking the occasion.

With the deal, LG Chem is to supply Versalis with metallocene linear low-density polyethylene (mLLDPE), which is often used for agricultural and industrial films. Additional applications include pallet stretch wrap and food packaging film. LG Chem's proprietary polymerisation technology, "metallocene catalyst" will be utilised. With the market development agreement signed, it is anticipated the two companies will look to further projects to work on together.