March 10, 2008

Glencore to invest US$35 million in Hungary's oilseed press

Glencore Grain Hungary, subsidiary of Glencore International AG, announced plans to invest HUF6 billion (US$35 million) in an oilseed press in southern Hungary's Fokto.

The seed oil press, which will have a capacity of 600,000 tonnes annually, is expected to be completed by the beginning of 2009.

The press will be located in a logistics park in Fokto, where the construction of a river port and a cargo rail track have been started in order to provide transport capacities for the future oil press.

Glencore, which set up shop in Hungary 11 years ago, generated revenues of EUR 292 million (US$449) in 2007 from trading grains, oil seed, raw material for animal feed, and vegetable oil.

The new press will employ around 100 people directly, increasing the total Glencore headcount in Hungary to 150 in the process.

Glencore International directly and indirectly employs over 50,000 people in 19 plants in 12 countries.