Bioplastics a hurdle to oil sector's plans to expand into plastics
Oil firms hoping to make the basic building blocks for plastic now face rivals using eco-friendly materials
London
COMPANIES that make packaging from plants instead of fossil fuels are starting to challenge the oil industry's ambition to increase the supply of raw materials for plastics.
Use of bioplastics made from sugar cane, wood and corn will grow at least 50 per cent in the next five years, according to the European Bioplastics Association in Berlin, whose members include Cargill Inc and Mitsubishi Chemical Holdings Corp. German chemical giant BASF SE and the Finnish paper maker Stora Enso Oyj have stepped into the business to meet demand from the likes of Coca-Cola Co to Lego A/S.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold flat ahead of US payrolls data, set for second weekly drop
Oil settles near 7-week lows, focus shifts to economy
Exxon-Pioneer deal gets green light from US FTC, Pioneer exec barred from board
Shell maintains pace of buybacks as profit beats estimates
Gold prices drift higher as Fed stands pat on key interest rate
Oil falls to 7-week low on surprise US storage build, Middle East hopes