March 19, 2008
China's COFCO to boost edible oil production
China's COFCO Ltd. announced that it would expand its edible oil production to increase the market supply.
The company said it aims to produce 42,000 tonnes of edible oil this month and release all of it to the market soon.
Recently, the National Development and Reform Commission (NDRC) urged local governments to increase their planned supply of edible oils.
The NDRC said international soy and edible oil prices have risen sharply, pushing up domestic prices.
The government will release edible oil reserves when appropriate to curb rising prices, the state planner said earlier.
COFCO Ltd. is China's biggest grain and oil trader. The company's interests have diversified to include edible oils, livestock and meat.
