PTT Chemical to invest $60m in US biotechnology firm Myriant

24 January 2011 16:11  [Source: ICIS news]

HOUSTON (ICIS)--PTT Chemical will invest $60m (€44m) and collaborate in research and development (R&D) activities with US biotechnology firm Myriant Technologies, the Thailand-based petrochemicals firm said on Monday.

PTT would use abundant bio-based feedstock available in Thailand and Asia for a Myriant succinic acid plant at Port of Lake Providence, Louisiana, it said.

The plant would be completed in 2012 with a capacity of 14,000 tons/year, the companies said.

“These green products will meet the continuously increasing demand for environmentally friendly products, driven largely from customers' awareness; especially in the rapidly growing Asian markets,” said PTT chief executive Veerasak Kositpaisal.

“The involvement in the succinic acid plant in Louisiana through this investment in Myriant is the strategic entry point that will not only accelerate the commercialisation of bio-based products but also strengthen our competitive advantage in bio-based technology,” he added.

($1 = €0.73)

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By: Ben DuBose
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