24 June 2008 16:19 [Source: ICIS news]
TORONTO (ICIS news)--Hanfeng Evergreen plans to build a 200,000 tonne/year joint venture nitrogen phosphorus potassium (NPK) fertilizer plant in Indonesia to supply that country’s tobacco and palm oil markets, the Toronto-based producer said on Tuesday.
Under a letter of intent with Indonesian palm oil and tobacco producer Matahari Kahuripan Indonesia (Makin Group) and agricultural distributor Sumber Agrindo Sejahtera, the plant would be build in Surabaya, close to feedstock sources and port infrastructure, Hanfeng said.
The $30m (€19m) facility would use Hanfeng’s patented slow release technology, it added.
The partners had already secured the necessary site and begun a detailed feasibility study, Hanfeng said.
Target markets for the plant’s NPK fertilizer products were tobacco plantations and the rapidly growing palm oil sector, a major source of biodiesel, Hanfeng said, adding that the bulk of the output was expected to be absorbed by Makin Group.
Hanfeng is described as the largest producer of slow and controlled release fertilizers in
($1 = €0.64)
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