MOSCOW (MRC) -- Braskem, the market leader and pioneer in bioproducts production on an industrial scale, and Sojitz, a Japan-oriented global trading company, have announced the launch of Sustainea, which will produce and market bioMEG (monoethylene glycol) and bioMPG (monopropylene glycol), said Polymerupdate.
The market launch of the brand follows the approval of the joint venture (the process began in March 2022) by antitrust authorities.
The business plan envisages the construction of three industrial plants, with the first unit slated for operational startup in 2025, taking advantage of market opportunities and feedstock availability. The locations where the industrial units will be built have not been defined yet and could be in Europe, Asia, the United States or Brazil. The expectation in the business plan is that, once the technology is approved, the plants will have a combined production capacity of up to 700,000 thousand tons per year of bioMEG.
Sustainea will combine Braskem's expertise in the industrial production and sale of chemicals and plastics made from renewable sources with Sojitz's strong presence in Asia, a region that concentrates 80% of the global MEG market and where its consumption registered the highest growth. "This new company represents the joint efforts of both companies, which consider investments in renewable businesses of strategic importance. Braskem has a comprehensive and global strategy of growth in the green sector, with the plan to increase its capacity in 1 million tons of bioproducts until 2030 Sojitz has a strong presence in Asia and has been Braskem's partner for over 10 years in this segment," said Gustavo Sergi, CEO of Sustainea Bioglycols.
One of the project's goals is to be the global market leader in bioMEG, a raw material used in the production of PET (polyethylene terephthalate). "Sustainea is born as a disruptive initiative in the petrochemicals market. We wish to positively impact the polyester and PET markets, which are continuing to grow, especially in Asia, driving the strong demand for sustainable and renewable products. Sustainea will also establish an entire production chain to ensure the supply of sustainable and competitive feedstock, as well as a logistics operation that ensures the lowest possible carbon footprint," he explained.
We remind, Braskem, the market leader and a pioneer in the production of biopolymers, entered into an agreement for the acquisition of shares and the subscription of new shares in Wise Plasticos S.A., a company engaged in mechanical recycling. Braskem will acquire an equity interest of 61.1% in the share capital of Wise for an estimated amount of RD121 million, part of which will be used to expand its current production capacity by two-fold to around 50,000 tons/year of recycling by 2026.