BP Invests in Hull Wood Acetylation Venture
UK energy giant BP will invest more than $25 million over two years in a consortium that will build and operate a wood elements acetylation plant in Hull, UK.
The new company, Tricoya Ventures UK (TVUK), has been formed in partnership with Tricoya Technologies, a subsidiary of Accsys Technology, and Medite, a producer of medium-density fiberboard (MDF). Equity stakes were not disclosed.
BP said the facility at the Saltend Chemicals Park will be the world’s first Tricoya wood elements acetylation plant, and output will be targeted for the European market. Initial capacity is expected to be 30,000 t/y. The wood chips will be treated with acetic anhydride produced by BP Chemicals at Saltend and then used to produce high-performance MDF or particle board panels.
“The co-location of the Tricoya Ventures UK pant with our acetic acid facility creates natural synergies and the foundation for a great partnership,” said Nigel Dunn, vice president of global acetyls at BP.
Paul Clegg, CEO of Accsys and chairman of Tricoya Technologies, said the new manufacturing capacity will allow it to take advantage of the substantial growing market opportunity for Tricoya, which is seeing continuous growth in demand.
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