Mitsubishi Chemical Corporation (MCC; Head Office: Minato-ku, Tokyo; President:
Yoshimitsu Kobayashi) and PTT Public Company Limited (PTT; Head Office: Bangkok, the Kingdom of Thailand; President & CEO: Prasert Bunsumpun) announced the signing of a memorandum of understanding on jointly conducting a study for business development of bio-polybutylene succinate, a bio-degradable polymer, made from biomass resources in Thailand, as of September 25, 2009.
As a core business company of the Mitsubishi Chemical Holdings Group, MCC has been strongly making efforts in research and development of bio-based polymers as part of its “sustainable resources” products, one of the seven next-generation growth businesses in the mid-term management plan.
Currently, MCC produces GS Pla (MCC´s trademark for its polybutylene succinate), a bio-degradable polymer made from petro-based succinic acid in Japan and markets it worldwide. MCC has developed an original process to produce succinic acid made from biomass resources (“bio-succinic acid”) by utilizing its strengths in biotechnology and has been studying the business development of GS Pla made from the bio-succinic acid.
On the other hand, PTT is the largest public company in Thailand that engages in businesses such as natural gas field developments, oil refinery, and petrochemicals. Also, in line with Thai government policies, PTT has been heavily involved in the development of bio-related businesses such as biofuels, and bio-based polymers.
In response to the expected growth in the future demand for bio-based polymers, MCC and PTT will jointly conduct the study for business development of both GS Pla and bio-succinic acid. More specifically, both parties will jointly begin market research and aims to complete the feasibility study for establishing a joint venture by the end of June, 2010.
For further information, please contact
Public Relations and Investor Relations Department
Mitsubishi Chemical Corporation