Sanhe Hopefull Invests $634M in Veg Oil Refinery and Soybean Processing
China’s Sanhe Hopefull Grain and Oil Group Ltd., one of the country’s largest private agriculture companies, is investing US$317 million in a vegetable oil refinery in Jiangsu province, and an additional US$317 million in a soybean processing plant in Liaoning province, according to senior company officials.
Upon completion of the projects, Sanhe will have a total soybean processing capacity of 9 million tons per year, making it one of China’s top three grain and oil companies, according to Shi Kerong, chairman of the group. Currently, the group has a capacity of 3 million tons and produces 550,000 tons of soybean oil annually.
Launched in 1999, Sanhe Hopefull has grown rapidly, becoming the only Chinese company in the edible oil space to own its own port in Brazil, and reaching an asset level of 30 billion yuan (US$4.7 billion).