Sustainable chemical producer Indorama Ventures and Carbios have announced the signing of a non-binding Memorandum of Understanding (MoU) to form a joint venture (JV) for the construction of one of the world’s first PET biorecycling plants in France.
Indorama Ventures plans to mobilise approximately €110 million for the JV in equity and non-convertible loan financing, pending final engineering documentation and final economic feasibility studies.
Both parties have acknowledged their mutual support for the implementation of the project and their intent to finalise contract documentation before the end of the year.
Subject to the successful performance of this first plant in France, Indorama Ventures has confirmed its intention to potentially expand the technology to other PET sites for future developments.
Under the agreement, Carbios, which filed for plant permitting in December 2022, should acquire 13 ha. of land from Indorama Ventures’ existing PET plant at Longlaville, and expects to be granted permits by the end of the year, allowing for the start of construction by the end of 2023 and targeted commissioning in 2025.
The land surface offers the possibility to double capacity. Pursuant to this MoU, Indorama Ventures shall ensure 100% of output repolymerisation and both partners shall collaborate to secure feedstock supply.
Indorama Ventures and Carbios agree plans for biorecycling plant in France
