KUALA LUMPUR (May 10): Lotte Chemical Titan Holding Bhd’s (LCT) unit Lotte Chemical Titan (M) Sdn Bhd has signed a non-legally binding memorandum of understanding (MOU) with British biotech company Polymateria Ltd to commercialise "Resin+", a biodegradeable resin.

The five-year partnership, which LCT’s subsidiary entered into on Wednesday (May 10), is part of the group’s corporate vision to manage climate change issues, minimise the environmental impact of its business operations, and provide sustainable solutions for customers, said LCT president and chief executive officer Park Hyun Chul on the sidelines of the MOU signing ceremony.

“We are focused on environmental and climate change issues. As the largest producer of polyolefins in Southeast Asia, we have the responsibility to pay special attention to environmental issues, particularly reducing the carbon footprint,” said Park.

He added that zero change or input is required to package the new Resin+ into the manufacturing stage for the creation of polyolefins, adding that the group will introduce this new specialty product to clients soon.

Meanwhile, Polymateria CEO Niall Dunne said the new material creates no microplastics, and decomposes within two years.

“We work across the value chain. But in Malaysia with Lotte, we are focused on the downstream to the packaging converter and also the brand, so that it is communicated to consumers in the right way. The packaging companies know how to use the new Resin+ technology we have developed,” Dunne added.

He said that Polymateria is also strengthening its position in the Malaysian market by actively testing its products.

He also said the British Standards Institution’s BSI PAS 9017 standard on biodegradable plastics had been recognised in the Malaysia Plastics Sustainability Roadmap and National Marine Litter Policy and Action Plan formulated by the previous Ministry of Environment and Water.

LCT shares traded unchanged at RM1.21 at the time of writing on Wednesday, valuing the company at RM2.8 billion.