Wilmar to invest $ 732 million in the Far East
23 November 2018
Wilmar International, Asia’s leading agribusiness group headquartered in Singapore, plans to invest RUB 46.8 billion ($ 732 million) in a long-term project for the cultivation of soybeans, processing and transshipment of soybean concentrates and oils in the Far East. The project includes the cultivation of soybeans on an area of 600,000 hectares, the construction of two processing plants with a capacity of 500,000-600,000 tonnes per year and the construction of a system of elevators and a sea transshipment terminal for the soybean finished products.
The first stage of the project will be held in the Primorsky region of Russia, where Wilmar plans to invest RUB 680 million ($ 10.4 million) in the production of soybeans on an area of 10,000 hectares. The company also intends to build an elevator with a capacity of 15,000 tonnes of one-time storage. The expected annual volume of soybean production is estimated at 35,000 tonnes.
In comparison with three quarters of 2017, Wilmar’s revenue in January-September 2018 increased by 3.9% to $ 33.6 billion while its net operating profit rose by 24% to $ 954.6 million.