BIOPLASTICS MANUFACTURER IN TATARSTAN DECLARED INSOLVENT

On January 27, 2023, the arbitration of Tatarstan transferred JSC "2Bio" to bankruptcy proceedings. The organization was a joint Russian-Italian project. It was planned that the enterprise in Alabuga (SEZ) would organize the production of biodegradable plastic (PHA, polyhydroxyalkanoates), the output of which would reach 10,000 tons of PHA annually.

In the autumn of 2018, the Russian investment holding TAIF, which controlled a significant part of the petrochemical industry in the republic, signed a license contract with the Italian company Bio-on. In December, the official opening of "2Bio" took place, which was attended by the President of the Russian Federation and the Italian Prime Minister. The licensor's interests were represented by the company Investre Italia S.R.L. from Milan.

By December 2019, the license holder (Bio-on) had started bankruptcy. A court in Italy allowed the firm to continue operating in order to prevent the collapse of production and preserve the business. At the same time, an American investment fund announced the insolvency of the production technology of PHA based on sugar production waste. Experts have suggested that the company's activities (advertised as innovative) may be a fraudulent money laundering scheme at the expense of shareholders.

In 2021, it became clear that the Italian partner (Bio-On) was insolvent. Although the temporary managers continued to declare that the firm intended to continue its business activities, the opposite soon became clear. Investments in the plant on the territory of the SEZ "Alabuga" by this time amounted to more than 6 billion rubles.

The Russian side (TAIF) has started monitoring the issue of what other technologies for creating biopolymers can be used. PJSC Kazanorgsintez, acquired by SIBUR in October 2021, announced that it had signed a memorandum of understanding with two "daughters" of the Italian holding Maire Tecnimont Group. It was planned that the biopolymer plant would be completed with their participation.

The Italian holding company (Maire Tecnimont SpA) announced in May last year that it was completely ceasing cooperation with Russian enterprises. The firm noted that the projects in Russia are sufficiently balanced from the financial side, and the termination of its work should not have a serious impact on changing the situation.

In June, 2Bio filed an insolvency claim with the court. The firm indicated a debt of 133.8 million. This amount was later stated in the claim of Kazanorgsintez (the lender involved in the agency agreement). The company "2Bio" could not repay the debt to the partner, because it has not worked for the last few years. She also does not have the money to sue Bio-On, which refused to return the advance payment for the license due to its bankruptcy.

Photo: Freepik