Guangzhou China Nov. 8, 2010 - China Oil & Foodstuffs Corporation (COFCO), a leading grain, oil and foodstuff import and export group in China, initiates its 300,000t/a starch sugar project in Yangluo country, Wuhan city, Hubei province in Oct. 2010, which is expected to be launched in 2013.
The project, with total investment of USD74.62 million, will be launched into the preparation stage in Nov. 2010. It is divided into two stages: in the first stage, the company will invest USD34.32 million to process its 100,000t/a F-55 high fructose corn syrup production line, and it will be finished in Jul. 2011; in the second stage, it will have built a 100,000t/a barley malt syrup and a 100,000t/a high fructose corn syrup in 2013.
An important driving force for COFCO to start this project is the rapidly increasing market demand of starch sugar. According to a report issued by China Fermentation Industry Association in 2010 in China, the output of starch sugar has reached 8,180,000 tonnes in 2009, up 309.11% compared with in 2002, and will reach 9,000,000 tonnes in 2010.
The project will achieve a win-win situation for COFCO and local government. For local government, it will create over 1,500 job opportunities for local residents and turn in tax of USD4.47 million after the launch of the project. The construction of this project will also promote the development of relative industries such as sugarcane planting, logistics, transportation industries, etc.
After the launch of the project, it will take USD149.21 sale value, and convenient transportation to supply raw material for some local famous drink or food manufacturers like Coca-Cola (Wuhan) Co., Ltd., Uni-President (Wuhan) Co., Ltd.
Source: CCM International