M&G Chemicals declared recently that its subsidiary M&G International is going to enter into a collaborative project with Anhui Guozhen CO, Ltd. The company has decided to use PROFESA technology for conversion of agricultural wastes into ethanol, glycols and cellulosic ethanol in the city. M&G and Gouzhen signed a long term agreement for supply and receiving of biomass; the biomass is planned to be converted with the help of an enzyme ‘Novozyme’. Both the companies are planning for declaration of second joint venture under which they will convert lignin into steam and electricity. Read more about this joint venture here at - http://www.specialchem4polymers.com/resources/latest/displaynews.aspx?id=10928
According to CEO of M&G, Marco Ghisolfi, ‘The Company’s management team is excited about completion of the first step processing of the project. Also, they want to say thanks to Guozhen management for this joint venture’. On the other hand, chairman of Guozhen group, LiWei states that it is really an important project for both the companies and even for the city as it will create a bio-friendly and sustainable environment in the Fuyang city.
In this green refinery project, M&G and Gouzhen both the companies are bearing 70 and 30 percent shares respectively. Total investment in this project is about 325 million US dollars.
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