China Agri-Industries, Cofco to build storage facility

China Agri-Industries Holdings Ltd. said late Monday (March 16) it plans to set up a joint venture with its parent, Cofco Ltd., to build a storage facility for agricultural products and edible oils in Tianjin.

China Agri-Industries said in a statement it plans to hold a 71.72 percent stake in the venture, and Cofco, China's largest agricultural commodities trading house, will own the remaining 28.28 percent stake.

The total investment in the storage project will be RMB200 million, the statement said.

The project is expected to have a storage capacity of 120,000 tonnes for oilseeds, and 100,000 tonnes for edible oils, the statement said.