The Malaysian arm of agribusiness giant Cargill is to spend US$50m on the expansion of its vegetable oil processing.
Cargill Palm Products has signed an agreement to lease with the Port Klang Authority to build a new vegetable oil refinery in Port Klang Free Zone.
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The investment in the vegetable oil refinery is expected to double Cargill’s existing specialty fats production capabilities and increase overall processing capacity in Malaysia to 950,000 metric tonnes per year.
“The investment reinforces Cargill’s commitment to Malaysia and we continue to explore additional, related investments in the near future,” said Thomas Polhill, managing director of Cargill Palm Products. “We view Malaysia as an important hub to strengthen our downstream, value-added products business to enable us to better serve the growth of our valued customers in over 70 countries around the world.”
Over 90% of the downstream products from the facility will be exported to foreign markets, which contribute directly to the foreign exchange earnings of Malaysia, the firm said.
The construction of the plant is expected to be up and running by mid-2011. The investment will create 100 jobs.
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