Bio-on, listed on the AIM segment of Borsa Italiana and operating in the high quality bioplastic sector, has signed an agreement with the Russian TAIF JSC group, which will acquire a licence to build the Russian Federation's first plant producing 100% natural and biodegradable PHAs bioplastic, in the Republic of Tatarstan.
The agreement was signed in the Kremlin in Moscow as part of bilateral meetings between Italy and Russia, in the presence of Russian Federation President Vladimir Putin and Italy's Prime Minister Giuseppe Conte. It marks a major milestone for the Italian company.
The agreement is worth a total of €17.6 million. In particular, €5.6 million goes on licensing Bio-on's technology to produce PHAs from sugar beet byproducts; €12 million goes on the supply of plant components built according to Bio-on's proprietary technology. TAIF, operating in the traditional petrochemical sector, will invest a further €90 million in building a 10 000 tpy production site expandable to 20 000 tpy in the future. The plant, the design of which will begin next month, will be operational in 2020.
With this project, TAIF intends to open up new sectors of development for the ‘green’ plastic designed by Bio-on, both in segments traditionally served by oil-based plastics and in advanced sectors.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/25102018/bio-on-grants-bioplastic-technology-licence-to-russian-group-taif/