May 4, 2007

China's Global Bio-chem plans deep corn processing plant in Henan province 

On Apr 28, China's Global Bio-chem Technology Group Company Limited signed a contract with Henan province on a bio-chemicals processing project that would process 2 million tonnes of corn a year. 

Global Bio-chem is the biggest deep processor of agricultural products in Asia and the third largest in the world. The company uses advanced bio-chemical and fermentation technology to produce bio-chemicals such as ethanol.

In the first phase of the project, Global Bio-chem will spend RMB 1.2 billion on the new plant, which would process 2 million tonnes of corn annually. Among the products from the plant would be 1 million tonnes of corn-based ethanol and 300,000 tonnes of glutamic yearly. Once fully operational, the new plant would realize revenue of RMB 40 billion annually with net profit at RMB 10 billion.

The company recently announced the opening of another 2-million tonne corn facility in the Changchun corn industry zone.