FGV Inks MoU To Produce Biodegradable Plastics From Palm Oil Biomass Waste

KUALA LUMPUR, Dec 16 (Bernama) -- Felda Global Ventures Holdings Bhd (FGV) on Tuesday signed a memorandum of understanding (MOU) with Newlight Technologies LLC and Innogas Technologies Sdn Bhd to produce biodegradable plastics from palm oil biomass wastes in Malaysia. "The sustainable biomass project is aimed at diversifying and further developing the company's new revenue streams, in line with a core pillar in its five-year transformation strategy of revenue enhancement," FGV, the global, diversified and sustainable integrated agri-business leader said in a statement Tuesday. FGV said the project was expected to kick off in the second quarter 2016 with the first plant construction to begin in the fourth quarter next year with a 14-month completion target. Eventually, the project would be expanded to 10 palm oil mills over the next five years, it said. Group President/Chief Executive Officer, Mohd Emir Mavani Abdullah, said as part of FGV's commitment to sustainability, it was always looking for innovative ways to manage its palm oil waste effectively. "This waste-to-wealth project will elevate the sustainability standards of the palm oil industries in Malaysia and the region as a whole, significantly reducing carbon emissions emitted," he said. Mohd Emir said the MOU would bring the first cost-effective technology in the world to produce biodegradable plastic by processing 100 per cent of bio-wastes from FGV's palm oil mills. California-based Newlight Technologies specialises in producing thermoplastic materials made from air and greenhouse gases. Innogas Technologies is a Malaysian-based company involved in the business of consulting, process plant engineering and technology for chemical and renewable energy. --BERNAMA