French oil major Total said Wednesday it is launching a bioplastics manufacturing company with Amsterdam-listed Corbion NV.
Total and Corbion will each own 50% of the new company that will be based in the Netherlands and will produce and market polylactic polymers made out of sugar or starch, the two firms said. The two partners will build a factory with an annual capacity of 75,000 tons in Thailand.
The new firm will start operations in the first quarter of 2017.
The French oil major has invested in different projects related to renewable energies over the past few months in a bid to diversify from oil and gas. The company, which bought a green-energy utility in Belgium and a battery manufacturer, insisted all such projects will be profitable.
By Inti Landauro
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).