The signing ceremony between Neste and the Mitsubishi Corporation. Source: Mitsubishi Corporation

Neste and the Mitsubishi Corporation (MC) have formed a strategic partnership to develop value chains for renewable chemicals and plastics for and with Japanese brands in industries such as food and beverage, apparel and consumer electronics.

Neste will provide its sustainable materials, including renewable Neste RE – a bio-based raw material for plastics production.

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MC will supply its experience in business development and supply chain management of petrochemical products and derivatives in the region.

The partners will offer comprehensive solutions for Japanese brands looking to reduce greenhouse gas emissions and reliance on fossil resources in their supply chains.

Japan is one of the key countries in the global plastics market due to rising domestic demand and accelerating industrial infrastructure, with rigid plastic the most prevalent packaging type.

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Neste and MC have co-operated on previous projects, including a collaboration to enable the production of renewable PET (polyethylene terephthalate) bottles for Suntory Holdings and a multi-party collaboration to produce apparel from bio-based materials for Goldwin.

Neste Renewable Products senior vice-president of commercial Carrie Song commented: “Together, we can provide the materials and get them into the value chains, making it easier for companies to make the switch to more sustainable solutions.”

Chief operating officer of MC’s business development division Yoshiyuki Watanabe added: “Our strength lies in our capability to establish supply chains and access a wide variety of brand owners in Japan.”