BANGKOK, July 14 – Thailand’s largest oil and gas conglomerate, PTT, and Japan’s Mitsubishi Chemical Corporation, developer of bioplastic technology, are jointly investing in a Thai-based bioplastic production project with the investment of about Bt7 billion (US$ 233 million), PTT chief executive Prasert Bunsumpun said Thursday.
In the joint venture company, PTT MCC Biochem Co., has an equal 50 per cent share, with an overall registered capital of $12 million (Bt360 million).
PTTMCC plans to produce 20,000 tonnes of bidegradable polybutylene succinate (PBS) annually, using sugar as its primary raw material and 36,000 tonnes of substrates for bio-succinic acid (BSA) per year.
The plant will be located at the Asia Industrial Estate in Rayong on a 40-acre plot of land40 acres plot of land and production is set to start in 2014.
The investment will push Thailand to become Asia’s biohub, Mr Prasert said.