14 December 2006 12:15 [Source: ICIS news]
Corrected: In the ICIS news story headlined "Wilmar to buy PPB Palm Oil for $2.7m" dated 14 December, 2006, please read in the headline ... "Wilmar to buy PPB Palm Oil for $2.7bn" ... instead of ... "Wilmar to buy PPB Palm Oil for $2.7m"... and please read in the first paragraph ... to buy its affiliate PPB Palm Oil for $2.7bn ... instead of ... to buy its affiliate PPB Palm Oil for $2.7m ... A corrected story follows.
SINGAPORE (ICIS news)--Wilmar International is to buy its affiliate PPB Palm Oil for $2.7bn, creating one of the largest palm oil producers and refiners in Asia, a senior company official said late on Thursday.
The combined palm oil refining capacity of the two companies will be 9.6m tonnes/year, Kuok Khoon Hong, Wilmar’s chairman and ceo, said at a press conference.
Wilmar will also become a significant biodiesel producer with a total capacity of 1.15m tonnes/year by end-2007, he added. The companies are due to start up three plants in ?xml:namespace>
Kuok was confident that the company would survive in the biodiesel business in the long term as energy prices continued to look favourable.
Indonesian palm oil prices were lower than
The combined group would also be a dominant processor and merchandiser of agricultural products such as edible oil, oleochemicals and specialty fat in key markets like
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections