Quincy, Massachusetts - Renewable chemicals company Myriant Corp. has signed a collaboration agreement with Bayegan Group to commercialise Myriant's bio-succinic acid in markets across the Middle East, Eastern Europe and Africa.
Under the terms of the agreement, Bayegan of Istanbul, Turkey, has committed to annually purchase a pre-determined amount of Myriant's bio-succinic acid for supply to customers in the region. In addition, Myriant has granted exclusive distribution rights of bio-succinic acid to Bayegan. 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, Myriant said in a 25 March news release.
"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," said Ercument Bayegan, CEO Bayegan.
Globally, the annual worldwide market for succinic acid is estimated at approximately $7.5 billion in new and existing applications, Quincy, Massachusetts-headquartered Myriant said. Succinic acid, which is traditionally produced from petroleum, can be used in a wide variety of applications including polymers and urethanes.