Italian company Bio-on, operating in the high-quality bioplastic sector, has signed an agreement with the Russian TAIF JSC group, which will acquire a license to build the Russian Federation’s first plant producing 100% natural and biodegradable PHAs bioplastic, in the Republic of Tatarstan.
The agreement is worth a total of around $20 million. With this project, Kazan-based TAIF intends to open up new sectors of development for the ‘green’ plastic designed by Bio-on, both in segments traditionally served by oil-based plastics and in advanced sectors.
“This agreement is of major importance to us, and it rewards the long and complex negotiations process launched in 2017. Signing the first contract with one of the main industrial groups in the Russian Federation, a leading plastics manufacturer,” said Bio-on Chairman and CEO Marco Astorri.
“This confirms the immense value of PHAs bioplastic, which is today the only alternative to the environmental issues created by conventional plastics,” he added.
Bio-on conducts applied research and development of modern bio-fermentation technologies in the field of eco-sustainable and completely naturally biodegradable materials. The Russia deal marks a major milestone for the Italian company.
Taif JSC operates in oil and gas processing and petrochemistry, telecommunication, building and construction, banking and investments, and services.