M&G Chemicals announced that has entered into a Sino-foreign joint venture with Anhui Guozhen CO, Ltd. The new company – Anhui M&G Guozhen Green Refinery CO, Ltd – will employ Proesa technology licensed by Beta Renewables to convert 970,000-1,300,000 metric tons per year of agricultural residues into cellulosic ethanol, glycols and by-products such as lignin in Fuyang City (Anhui Province, PRC).
Italian plastics group M&G Chemicals postponed a planned share listing on the Hong Kong bourse on Monday due to volatile market conditions, but said it was still committed to growing its business in China. The world’s third largest producer of PET resin used to make soft drink bottles and packaging had aimed to raise about $600 million through the initial public offering (IPO). M&G Chemicals, which is part of Italy’s Mossi Ghisolfi Group, had planned to use 50 percent of the proceeds from the IPO to fund the construction of a plant in China’s Anhui province.
M&G Chemicals, among the three largest producers of PET resin for packaging applications in the world, announced last Monday its decision to construct a second-generation biorefinery in the region of Fuyang, Anhui Province of China, for the conversion of one million metric tons of biomass into bio-ethanol and bio-glycols.
The project is expected to be realized through a joint-venture with Chinese company Guozhen which will make available one million metric tons of straw biomass and use the lignin resulting as a by-product from the bio-refinery to feed a 45 MW cogeneration plant which will be constructed at the same time as the bio-refinery in the same site. M&G Chemicals will be majority partner of the biorefinery and minority partner of the power plant.