Bioplastic production went bankrupt 03-02-2023
Bioplastic production went bankrupt
-JV TAIF and Bio-on to create bioplastic production went bankrupt
The Tatarstan Arbitration Court declared bankrupt the joint venture of TAIF Group and the Italian Bio-on – 2Bio JSC, founded in 2018 to create a bioplastic production facility in Tatarstan under the license of an Italian company, Interfax reports.
“Recognize the debtor as bankrupt and open bankruptcy proceedings,” reads the operative part of the court’s decision, issued on January 27.
2Bio filed an application for self-bankruptcy with the Arbitration Court of Tatarstan in June 2022, indicating the amount of debt of 133.8 million rubles. In November 2022, an application for the inclusion in the register of creditors of 2Bio of claims for the same amount was filed by Kazanorgsintez PJSC, which acts as a creditor of the joint venture.
In the explanations to the financial statements of 2Bio for 2022, it is stated that in 2021 the joint venture learned about the bankruptcy procedure conducted by the Italian court in respect of Bio-On, but the interim managers of Bio-On assured 2Bio of continuing to operate. Bioplastic production went bankrupt
In 2022, 2Bio “strengthened the understanding” that the change of ownership of Bio-On will not happen and work with it will not resume. Bio-On refused to return the advance payment for the license due to its bankruptcy, while 2Bio does not have the funds to conduct litigation with Bio-On and its guidance on recovering damages, the explanations for the financial statements say. In 2021-2022, 2Bio did not conduct economic activities and cannot repay the debt to Kazanorgsintez PJSC, which is a party to the agency agreement, for executed payments to the licensor, the document says.
In October 2018, TAIF signed an agreement on the establishment of bioplastic production, as well as a license agreement with Bio-on. It was assumed that the plant in the SEZ “Alabuga” will produce 10 thousand tons of PGA (polyhydroxyalkanoates, promising completely degradable polymers) per year on the basis of a by-product of sugar production from sugar beets. In December 2018, TAIF PSC and Investire Italia s.r.l. (Milan, represented Bio-on in the project) established a joint venture 2Bio PSC to implement the project.
In December 2019, Bio-on reported that the Bologna court had ruled on the company’s bankruptcy, while at the same time allowing it to temporarily continue economic activities “in order to maintain business continuity in order to avoid the collapse of the production organization.” Bioplastic production went bankrupt
In anticipation of the decision of the Italian authorities on the situation with Bio-on, TAIF began to study in parallel other technologies for the production of biopolymers. In April 2021, Kazanorgsintez (then part of TAIF, bought by SIBUR in October 2021) announced the conclusion of a memorandum of understanding with NextChem and MET Development, which are part of the Italian Maire Tecnimont Group, on the joint development of the project of a biopolymer plant in Tatarstan.
In May 2022, a report by Maire Tecnimont SpA indicated that the company had stopped entering into new contracts in Russia. In the report, the company noted that the financial situation of Russian projects remains largely balanced and significant changes in this situation are not expected even after a complete suspension of work in the country.
Earlier it was reported that the net income of TAIF Group of Companies for 2021 amounted to 1.1 trillion rubles.
in October 2021, SIBUR closed the deal on the acquisition of TAIF with its petrochemical companies Kazanorgsintez, Nizhnekamskneftekhim and the energy company TGC-16 JSC. TAIF-NK was not included in this transaction. Bioplastic production went bankrupt
TAIF PSC was established in 1995 and is the parent company of the eponymous group, which includes enterprises structured in four business areas: oil and gas refining, chemistry and petrochemistry (energy); investment and financial services; construction; telecommunications and comprehensive services, including trade. TAIF Group of Companies is a large Russian holding company that controls 96% of the chemical, petrochemical and oil and gas processing industries of Tatarstan. The most important of its areas is the division “Chemistry, Petrochemistry and Oil and Gas Refining”, which includes the leading Russian polymer producers Nizhnekamskneftekhim and Kazanorgsintez.
Bioplastic production went bankrupt