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A joint venture grain and oil processing firm, set up by the US Archer Daniels Midland (ADM) and two leading grain and oil companies in China and Singapore, has gone into operation in Fangchenggang, a port city in south China's Guangxi Zhuang Autonomous Region.
Its current operations include an edible oil mill with a daily soybean processing capacity of 3,600 tons, a soybean oil refining plant and a refined soybean oil packaging factory.
The firm was founded by ADM, the China National Cereals, Oils and Foodstuffs Import and Export Corporation and Singapore's Wilmar in August 2000. The first two companies are on the list of the Fortune 500.
In an interview, ADM's board chairman and CEO Allen Andreas said that he intends to make the joint venture the biggest, most advanced and most efficient comprehensive farm product processing center in Asia.
Liu Fuchun, president of China National Cereals, Oils and Foodstuffs Import and Export Corporation, said that the joint venture is in an advantageous position to tap markets in southwest China and Southeast Asia at large.
(Xinhua News Agency May 17, 2002)
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