Tianjin Harbor
Industrial Park
China Agri-Industries will set up a new grain and oil port logistics company in the northern port city of Tianjin, in a bid to strengthen its overall edible vegetable oil industrial chain and compete head-to-head with global giants.
The Hong Kong-listed company, controlled by Chinese state-owned conglomerate COFCO, announced that its Tianjin-based unit earlier signed an agreement with COFCO. and Tianjin Harbor Industrial Port regarding the establishment of the grain and oil port logistics company with a total investment of RMB409.83 million.
According to the Chinese language site p5w and as reported in Trading Markets the new company is expected to have registered capital of RMB260 million, including RMB136 million from the China Agri-Industries unit, RMB20 million from COFCO, and RMB104 million from Tianjin Harbor Industrial.
It will mainly supply logistics and port services to the China Agri-Industries unit, which reportedly plans to build a protein feedstuff processing project in the Tianjin Harbor Industrial Park with a yearly soybean processing capacity of 1.32 million tons.