June 15, 2012
China's Sinograin Oils seeks wider edible oil market share
Sinograin Oils, a subsidiary of state grain stockpiler China Grain Reserves Corp. (Sinograin) eyes on a broader range of cooking oils to counter foreign brands in the market, Xinhua News Agency reported Wednesday (June 13).
The company, which entered retail soyoil market six months ago, will launch rapeseed oil and mixed oil products by the end of the year, "in the hope of openly competing with monopolistic companies that threaten price stability and food security," Chief Executive Officer Liu Jianmin said in the report.
Singapore's Wilmar International Ltd. (WLMIY), which operates in China as Yihai Kerry Group, and "other foreign companies" together account for more than 60% of China's domestic edible oil market, Xinhua said.
"After Sinograin Oils launches its mixed cooking oil, it will set a pattern of competition with foreign financial interests," the company's deputy chief executive, Wang Qingrong, was quoted saying.