Cargill boosts oilseed supplies to China
supplies to this fast-growing market, unveiling a new 5,000-ton per
day facility in Nantong, Jiangsu province.
At a cost of $60 million (47.7 million euros), the firm says the new plant is its largest investment in oilseed crushing industry in China, and will be one of the companys largest crushing facilities worldwide.
Added to our two existing crushing facilities in Dongguan, this new capacity will significantly strengthen our ability to reliably meet growing market demand well into the future, said Robert Aspell, the president of Cargill Grain and Oilseed Supply Chain, China & Korea.
Opportunities for global food oil players have opened up in China on the back of a soaring Chinese food industry that has witnessed a four fold increase in sales in a decade.
Valued at under 100 billion yuan (9.96 billion euros) in 1991, sales reached well over 400 billion yuan just ten years later.
With this enhanced capacity, we will better serve our customers in the Yangtze River Basin and across China by continuously providing high quality feed proteins and related products such as soy oils, said the firm.
Cargill asserts, to date, it has invested over $500 million in China.
The American Soybean Association projects global oilseed production for 2005-06 to hit a record 389 million tonnes, with non-US production likely to reach 292.5 million tonnes.
