MARKET DEVELOPMENT
MYBiomass\' Johor Refinery To Boost Green Chemical Industry
MYBiomass\' Johor Refinery To Boost Green Chemical Industry
05/11/2013 (Bernama) - A biofinery to be developed by MYBiomass Sdn Bhd in Johor, is designed to provide added revenue to the national potential of the green chemical industry, estimated at RM100 billion by 2025.
MYBiomass is a joint venture between the Malaysian Industry-Government Group for High Technology (MIGHT), Sime Darby Bhd and Felda Global Ventures. It is currently developing the plant to convert biomass into green chemicals.
It will focus on oil palm biomass for a start and is only the world's second such venture.The pioneer plant is situated in Italy.
MYBiomass Chief Executive Officer R. Puvaneswari said the company is currently in the planning stage of building the plant, with the ground breaking expected in the fourth quarter of next year.
"We are hoping to start operations by end-2016," she told reporters on the sidelines of the High Level Forum on Biodiversity and Development Post-2015, here Monday.
The forum was opened by Prime Minister Datuk Seri Najib Tun Razak.
The biofinery is estimated to have a production capacity of 60,000 tonnes annually.
Puvaneswari said the company would have a capital expenditure of between RM300 million to RM400 million to meet the production capacity.
"As it involves high investment, a Public-Private Partnership is important for the success of this project," she added.
She noted that there is a lot of room for SME participation in the downstream industry for the biofinery, including feedstock and engineering elements.
MIGHT President/ Chief Executive Officer, Yusoff Sulaiman said the government agency is looking for more GLCs and SMEs to invest in new technologies to produce a variety of green products and services.
"Efforts undertaken by MyBiomass have underlined its new 360 degree public-private business model by bringing together the upstream players, technology providers and offtakers, for viable business ventures.
"The benefits derived will not only stop at the large corporations, technology providers and offtakers. The win-win 360 degree approach will also bring on board, local SMEs and rural folks into the equation.
"It is very important to get both government and industry at doing business with sustainability. Many local companies are investing in new businesses that are sustainable and green in nature," he added.
MYBiomass is a joint venture between the Malaysian Industry-Government Group for High Technology (MIGHT), Sime Darby Bhd and Felda Global Ventures. It is currently developing the plant to convert biomass into green chemicals.
It will focus on oil palm biomass for a start and is only the world's second such venture.The pioneer plant is situated in Italy.
MYBiomass Chief Executive Officer R. Puvaneswari said the company is currently in the planning stage of building the plant, with the ground breaking expected in the fourth quarter of next year.
"We are hoping to start operations by end-2016," she told reporters on the sidelines of the High Level Forum on Biodiversity and Development Post-2015, here Monday.
The forum was opened by Prime Minister Datuk Seri Najib Tun Razak.
The biofinery is estimated to have a production capacity of 60,000 tonnes annually.
Puvaneswari said the company would have a capital expenditure of between RM300 million to RM400 million to meet the production capacity.
"As it involves high investment, a Public-Private Partnership is important for the success of this project," she added.
She noted that there is a lot of room for SME participation in the downstream industry for the biofinery, including feedstock and engineering elements.
MIGHT President/ Chief Executive Officer, Yusoff Sulaiman said the government agency is looking for more GLCs and SMEs to invest in new technologies to produce a variety of green products and services.
"Efforts undertaken by MyBiomass have underlined its new 360 degree public-private business model by bringing together the upstream players, technology providers and offtakers, for viable business ventures.
"The benefits derived will not only stop at the large corporations, technology providers and offtakers. The win-win 360 degree approach will also bring on board, local SMEs and rural folks into the equation.
"It is very important to get both government and industry at doing business with sustainability. Many local companies are investing in new businesses that are sustainable and green in nature," he added.