BioAmber Inc signs first take-or-pay contract succinic acid with PTTMCC Biochem

BioAmber signs take-or-pay contract for succinic acid with PTTMCC Biochem

12:18 PM, 2nd May 2014
BioAmber Inc business news

MINNEAPOLIS, US: BioAmber Inc, an industrial biotechnology company producing sustainable chemicals, has signed its first take-or-pay contract for succinic acid. BioAmber will be the principal supplier of bio-succinic acid to PTTMCC Biochem Company Limited, JV between Mitsubishi Chemicals and PTT Public Company, for the production of biodegradable plastic in Thailand.

PTTMCC will produce and sell polybutylene succinate (PBS), a biodegradable plastic made from succinic acid and 1,4 butanediol. PTTMCC is constructing a PBS plant in Rayong, Thailand that will have an annual production capacity of 20,000 tonne. The PBS plant is expected to be operational in the first half of 2015 and will consume approximately 14,000 tonne of succinic acid per year at full capacity.

“This first succinic acid take-or-pay agreement is an important milestone for BioAmber. This contract guarantees significant sales volume for our Sarnia plant during its first three years of operation. PTTMCC is a major new buyer of bio-succinic acid and locking up this substantial volume commitment will strengthen our market leadership,” said Babette Pettersen, Chief Commercial Officer, BioAmber.


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