China's Sinograin to increase soy crushing capacity
China Grain Reserves Corp (Sinograin), which controls the state grain reserves, plans to expand its soy crushing capacity to tap the growing market for cooking oils and animal protein in the country.
This move will enable Sinograin to compete with Singapore-based Wilmar International, which currently has the largest crushing capacity as well as market share of consumer pack edible oils in the country.
Under the expansion project, Sinograin plans to boost its crushing capacity to 6 million tonnes this year and produce 2 million tonnes of refined soybean oil, targeting a market share of more than 10%, Reuters reported.
In addition, the state-owned company, which launched its branded consumer pack soyoil last year, plans to sell 200,000 tonnes of the product in 2012.
The investment amount for the expansion project has not been revealed.
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