MILAN, Jan 19 (Reuters) - Eni's sustainable mobility unit Enilive has signed joint venture agreement with LG Chem to develop a biorefinery in South Korea.

A final investment decision on the project is expected by 2024, with the aim of completing the biorefinery by 2026, the two companies said in a statement on Friday.

Biofuel production is one of the pillars of Italian energy group Eni's decarbonisation strategy. It aims to raise its biorefining capacity to over 5 million tons per year by 2030 from 1.65 million tons a year currently.

In September, Enilive and LG Chem said they were exploring the possibility of developing a new biorefinery at the South Korean company's existing integrated petrochemical complex in Daesan, southwest of Seoul.

(Reporting by Francesca Landini; editing by Gianluca Semeraro and Jasdon Neely)