April 29, 2004

New Soy Protein Plant To Be Built In Xinxiang City, China

The Henan Bangqi Oil Technology Co., Ltd. has began building a new 500,000 ton soy protein plant in Xinxiang City, Henan province, over a 10 hectare plot of land.

Henan Bangqi is a joint venture between three Chinese companies, Shaanxi Shiyang (Group) Co., Ltd., Shandong Jiaguan Oil & Fat Chemical Co., Ltd., Xinxiang Grain, Oil and Feedstuff Corporation, with a respective share allocation of 60%, 20%, 20%.

The total cost of the joint venture is RMB220 million, with a forecast annual production value of RMB1.5 billion.

The company will be officially operational in December 2004 can process 18 million tons of soybeans daily, producing 400,000 tons of soymeal for feedstuff and 90,000 tons of edible vegetable oil.