Novamont, a producer of biodegradable plastics, has formed a new joint venture with Polimeri Europa, a subsidiary of Eni Group, to construct an advanced bio-based chemical complex in Porto Torres, Italy. Matrica, the new Italian joint venture, will operate the bio-based chemical complex.
The 50-50 joint venture project includes construction of seven new facilities and a research center. The facilities will produce bio-based products, ranging from vegetable oil to bio-plastics. Construction is expected to be completed before 2017. The research center, which is mainly committed to bio-chemistry, will start operation in the upcoming quarter of 2011. The total project cost is 500 million Euro. Eni Group has planned for an additional investment of roughly 230 million Euro to build a biomass station for supplying electric power.
Lux Research has reported that the worldwide bio-based chemical sector will reach 8.1 million tons in 2015 at a growth rate of 17.7% per year. This sector is the major focus of Matrica. The project will combine Novamont’s research, innovation and technology expertise in the field of bio-based products with Polimeri Europa’s commercial and engineering skills.
Novamont and Polimeri Europa joint venture complex will play a major part in the global bio-based chemical market as it has enormous total capacity of 350 kt/a of bio-based products.