KUALA LUMPUR (Dec 27): Lotte Chemical Titan Holding Bhd (LCT) is set to provide research funding totalling RM400,000 for a two-year research project that will explore converting plastic waste into fuel or other value-accretive products.

In a statement today, LCT said it recently signed a memorandum of understanding (MoU) with Universiti Malaya (UM) and Universiti Sains Malaysia (USM) for a collaborative research study.

Through the MoU, LCT will be providing research funding of RM200,000 each to UM and USM.

LCT said the research studies are expected to be completed by the end of 2021 and will enable the universities to work alongside LCT, which possesses technical expertise and direct relevance to the plastics industry.

The group said the study will also allow LCT to tap on the outcome of the research, and students to gain experience and develop solutions to the environmental challenges faced by the industry.

LCT president and chief executive officer Dr Lee Dong Woo said this research study will further enhance UM and USM's research and development capacity while addressing the country's plastic waste management problem head-on.

At 10.40am, LCT shares were unchanged at RM2.37, valuing the group at RM5.47 billion.