Celestial invests in CNY526m biodiesel jv

11 October 2006 11:28  [Source: ICIS news]

SINGAPORE (ICIS news)--Celestial NutriFoods is investing in a CNY526m ($75.3m/€59.9m) biodiesel joint venture at Soybean Zone, Daqing City, China, the Singapore-based company said on Wednesday.

The 100,000 tonnes/year venture, called Giant Fortune, will be 80%-owned by Celestial and 20% by Japan’s Daiki-Axis and its subsidiary, Shanghai-Nikki, Celestial said.

Apart from providing the plant technology, Daiki-Axis and Shanghai Nikki will also design the production flow and logistics for the project, inspect the quality of the production machinery and equipment and maintain the standard of product quality.

The plant will start production by end of 2007 and will be using soybean oil produced by the company as the feedstock, Celestial added.

Celestial NutriFoods makes soybean protein-based food and beverage products with an annual production capacity of 213,500 tonnes. It also produces industrial products such as soy protein isolate, soybean oil, biochemical feedstuff, lecithin and soy functional protein.

By: Gina Myung
+65 6780 4359

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