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.
“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.
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