Myriant and Bayegan Group Partner to Commercialize Renewable Chemicals
Myriant Corporation, and Bayegan Group, an international chemical production and trading company headquartered in Turkey, have announced a broad collaboration agreement to commercialize Myriant's bio-succinic acid in markets across the Middle East, Eastern Europe and Africa (Territory). The signed collaboration agreement was exchanged at the 2013 Annual Meeting of the American Fuel and Petrochemical Refiners (AFRA) in San Antonio, Texas.
Under the terms of the agreement, Bayegan has committed to annually purchase a pre-determined amount of Myriant's bio-succinic acid for supply to customers in the Territory. In addition, Myriant has granted exclusive distribution rights of bio-succinic acid to Bayegan in the Territory. The two companies have also agreed to negotiate a potential joint venture to build a bio-succinic acid plant in Turkey subject to certain commercial milestones being met.
"Increasingly, our customers are seeking high-performing, renewable chemicals, like bio-succinic acid, with the goal of producing sustainable products through eco-friendly processes. Through our partnership with Myriant, Bayegan can reliably deliver an innovative, in-demand product that adds significant value for our customers while potentially driving positive economic growth. We're delighted to be partnered with Myriant and we look forward to the growth we will experience together," said Ercument Bayegan, CEO and Chairman of Bayegan.
Globally, the annual worldwide market for succinic acid is estimated at approximately $7.5 billion in new and existing applications. Succinic acid, which is traditionally produced from petroleum, can be used in a wide variety of applications including polymers, urethanes, plasticizers and coatings. Myriant's high purity bio-succinic acid is made from renewable feedstocks and is chemically equivalent to petroleum-based succinic acid while providing a lower environmental footprint. Myriant's bio-succinic acid reduces harmful green house gas emissions by 94% compared to petroleum-derived succinic acid and by 96% compared to petroleum-derived adipic acid.
"Myriant has a vibrant and growing bio-succinic acid business and we are delighted to partner with Bayegan to extend our global reach and accelerate our ability to deliver renewable chemicals to customers across the globe," said Cenan Ozmeral, Chief Operating Officer for Myriant. "We're confident that teaming with Bayegan, a leading chemical company in the region, is an important, strategic step towards amplifying our global sales and marketing presence."
Bayegan is one of the pioneers in petrochemicals' distribution and trading in Turkey, established in 1940, and eventually grown to a larger group of companies actively engaged in international distribution and trade. The Group's worldwide logistics network compromising 14 branch offices located in main industrial regions of Turkey and 24 international liaison offices helps maintain flawless import and export operations, thus ensuring the reputation of a reliable partner in the international markets.
About Myriant Corporation
Myriant utilizes its proprietary technology platform to develop innovative, performance-based, renewable chemicals utilizing low-cost sugars. In December 2010, Myriant broke ground on its flagship 30 million pound commercial bio-succinic acid facility in Lake Providence, Louisiana and anticipates beginning commercial production in early 2013. The company's D(-) lactic acid started production at commercial scale in June 2008 for use in polylactic acid. Myriant has agreements with ThyssenKrupp Uhde GmbH for engineering, Davy Process Technology for the integration of Myriant's bio-succinic acid process with the Davy butanediol process for the production of bio-based butanediol, and PTT Chemical for the commercialization of Myriant's technology in Southeast Asia. Myriant is headquartered in Quincy, Massachusetts. Details are available at www.myriant.com.