PTT Chemical Group Announces the Investment in, and the Collaboration with, Myriant Technologies to Embark on Its Green Chemicals Development

BANGKOK, Jan. 24, 2011 /PRNewswire/ -- Mrs. Cynthia  A. Griffin, U.S. Commercial Counselor and Dr. Prajya Phinyawat,  Chief Operating Officer, Downstream Petroleum Business Group of PTT Public Company Limited, presided over a ceremony to commemorate the investment and the research and development (R&D) collaboration between PTT Chemical Group, Thailand's largest petrochemical producer, and Myriant Technologies, Inc., a prominent Biotechnology firm based in Boston, USA.  This strategic move paves the way for PTT Chemical Group to become the leader in Bio-based Chemicals, and creates a sustainable future.

(Photo:  http://photos.prnewswire.com/prnh/20110124/NY34621)

The ceremony included the signing of the Head of Agreement for the establishment of the joint venture between PTTCH Group and Myriant by Mr. Veerasak Kositpaisal, President & Chief Executive Officer of PTT Chemical, and Mr. Stephen J. Gatto, Chairman & Chief Executive Officer of Myriant Technologies, Inc.  With PTTCH's R&D capabilities and Myriant's sophisticated technology, the joint venture will further drive technologies for the manufacturing of green chemicals for application using the abundant high quality Bio-based feedstock available in Thailand and the Asian region.  In 2012, Myriant will complete its succinic acid plant in Louisiana, USA, with capacity of 30 million pounds (14,000 tons) per year.

"PTT Chemical Group invested USD 60 million in Myriant and will further collaborate with them in the research and development for green chemicals" said Mr. Veerasak Kositpaisal.  "These green products will meet the continuously increasing demand for environmentally friendly products, driven largely from customers' awareness; especially in the rapidly growing Asian markets.  The involvement in the succinic acid plant in Louisiana through this investment in Myriant is the strategic entry point that will not only accelerate the commercialization of bio-based products but also strengthen our competitive advantage in bio-based technology." The entry into green chemicals of PTT Chemical Group is also in response to the Thai government's policy that encourages the private sector to set up a bioplastic plant in Thailand.

"With this investment, PTT Chemical Group supports Myriant's leadership position and proven track record in bringing innovation to the marketplace," said Stephen Gatto, Myriant Chairman and Chief Executive Officer.  "We are thrilled to have found a partner that shares our vision of the ever-increasing opportunity represented by bio-based chemicals, and one that provides the desire to deploy this technology on a global scale at an accelerated pace.  PTT Chemical's breadth of commercial and technical expertise, coupled with their deep knowledge of critical Asian markets, will propel Myriant to become a global leader in industrial biotechnology."

Myriant Technologies was established in 2004 in Massachusetts USA. It specializes in proprietary fermentation technology for targeted large substitution markets of petroleum-based products. Myriant was awarded USD 60 million funding from the U.S. Department of Energy and the Louisiana Department of Transportation and Development for the construction of the world's largest bio-based succinic acid plant to be located in Lake Providence, Louisiana.

PTT Chemical is a fully-integrated petrochemical and chemical company, combining visionary leadership and innovation in the chemical industry. PTT Chemical aspires to develop sustainable growth based on social benefit and global environmental standards under its vision to be the "Leading chemical company for better living through innovative technology and people."

SOURCE PTT Chemical Public Company Limited