August 3, 2018 / 12:15 PM / 15 days ago

China's COFCO to invest $3.5 bln in Tianjin over 5 years

BEIJING, Aug 3 (Reuters) -

* COFCO, China’s largest state-owned agricultural firm, says it will invest 24 billion yuan ($3.5 billion) in northern Chinese city of Tianjin over the next five years

* The company, which signed a strategic cooperation agreement with Tianjin on Friday, will invest in the second phase of its existing 4,000 tonne/day oilseed crushing plant in the city

* It will build a 20,000 square metre alcohol product warehouse in Tianjin, according to a statement on COFCO’s website

* Scope of investment will also include modern agriculture, animal husbandry, fisheries, food production and processing, and real estate development

* Investment will safeguard supply of grain and edible oil to Tianjin and nearby Chinese capital Beijing once projects are completed, COFCO says ($1 = 6.8585 Chinese yuan renminbi) (Reporting by Tom Daly and Hallie Gu; editing by Jason Neely)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below