Mitsubishi Chemical, PTT Sign MoU

Mitsubishi Chemical Corporation (MCC) and PTT Public Company (PTT) have signed 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.

MCC and PTT will jointly conduct the study for business development of both GS Pla and bio-succinic acid. More specifically, both the parties will jointly begin market research and aims to complete the feasibility study for establishing a joint venture by the end of June, 2010.

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, a bio-degradable polymer made from petro-based succinic acid in Japan and markets it worldwide. Reportedly, MCC has developed an original process to produce succinic acid made from biomass resources by utilizing its strengths in biotechnology, and has been studying the business development of GS Pla made from the bio-succinic acid.

PTT 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.