Ashland Inc.and Cargill have agreed in principle to create a new joint venture devoted solely to the development and production of bio-based chemicals.The venture's first product will be propylene glycol(PG).Using both licensed and proprietary technology,the joint venture will produce high-grade propylene glycol from glycerin,an abundant co-product of biodiesel production.The joint venture expects to manufacture and market bio-based PG globally,starting with a 65,000 metric ton-per-year plant at a yet-to-be-linalized location in Europe.
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