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Symphony Environmental hails Saudi directive on oxo-biodegradable plastic

Saudi Arabia is an important manufacturer and consumer of plastic.

picture of plastic structure
Saudi is insisting on oxo-biodegradable plastics

Symphony Environmental Technologies plc (LON:SYM) has hailed Saudi Arabia's decision to make oxo-biodegradable plastic compulsory for a wide range of locally-manufactured and imported plastic products.

The products include carrier bags, packaging films, agricultural films, and many other types of plastic products.

Symphony has just received a quality mark for its oxo-biodegradable plastic, d2W, in Saudi Arabia, a requirement for its use in the country.

Michael Laurier, Symphony’s chief executive, described the Saudi’s move as incredibly significant for Symphony as Saudi Arabia is the world’s largest oil producer and one of the largest plastics makers.

WATCH: Saudi switch to oxo-biodegradable plastic 'a major event' for Symphony Environment, says CEO

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“Most types of plastics now cannot be made unless they use oxo-biodegradable technology,” he told Proactive and ours is the only one that has been approved so far.

Moreover, it gives a lead to between 10-11 other countries planning similar action, Laurier believes.

D2W is an additive that allows the life of a plastic product to be controlled and enables to be degraded into other non-plastic materials. 

Countries realising action needs to be taken

Laurier said it is all a part of a major drive to reduce the environmental damage caused by plastics.

"The Saudi Arabian government has become the latest to understand the important role which oxo-biodegradable plastic can play in helping to protect the environment, whilst being fully consistent with a circular economy.” 

Symphony has yet to receive any orders for its d2w additive, but Laurier said the Gulf-based polymer industry is projected to grow by 6% per annum over the next five years, reaching 33.8mln tonnes by the year 2019 of which 21.6mln tonnes will come from Saudi Arabia.

Shares in Symphony rose 12% to 10.95p.

--adds share price, video and CEO comment--

 

Quick facts: Symphony Environmental Technologies PLC

Price: 27.5 GBX

AIM:SYM
Market: AIM
Market Cap: £47.23 m
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Symphony Environmental still convinced it has 'silver bullet' to global...

Michael Laurier, chief executive of Symphony Environmental PLC (LON:SYM) spoke to Proactive's Andrew Scott to address some of the concerns which have been raised in recent media reports around their oxo-biodegradable technology. Laurier says their d2w additive has been scientifically...

on 25/7/18

2 min read