Russian financial conglomerate Renova, owned by Russian billionaire Viktor Vekselberg, plans to invest over $400m (€325.4m) in a biopolymers production plant in the Moscow region.
The project is part of a cooperation agreement between Renova and the Moscow authorites and the plant may export to the global market, which is worth $1.3bn, says Renova.
Local analysts say the plant willl help Russia reduce plastic waste, which amounts to 750,000 tonnes per annum.
The project is the second of its types announced in recent months.
Last year, Russian company Bashkir announced its intentions to build the first large-scale biopolymers plant in Russia, in cooperation with UK-based Allray Group.