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| Singapore's Wilmar plans biodiesel plant |
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| Thursday, 20 July 2006 | |
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Wilmar International, a Singapore-based producer and refiner of palm oil and other oil seeds, has issued 300 million new shares in preparation of moving into the biodiesel refining business.
Wilmar's palm oil refining and distribution business had a turnover of USD $5 billion in the year ended 2004, of which net profit was to USD $60 million.
The majority of Wilmar's plantations and processing mills are in Indonesia.
In addition to palm oil, Wilmar also refines other oil seeds and crushes oilseed under contract to growers.
Wilmar International has plans to move into the biodiesel field to tap the fast-growing market for clean fuels.
Wilmar's biodiesel plant is being built on the Indonesian island of Sumatra and has a nameplate capacity of 350,000 tons.
Wilmar's plant will be the first in Indonesia if it comes onstream ahead of a US$25 million joint venture between plantation company Pt Bakrie Sumatera Plantation TBK and construction firm Pt Rekayasa Industri, scheduled for the middle of 2008 with an annual capacity of 60,000-100,000 tonnes.
In October 1995
Wilmar Holdings and Archer Daniels Midland, one of the US's largest oilseed processors, announced plans to
build a biodiesel plant in Singapore that would use palm oil and other
renewable sources of energy as feedstock, but both companies are still considering the feasibility of the project, said a spokeswoman.
The company is issuing 300 million new shares to be priced between 62 and 85 cents, and it is expected the capital raised will be partly used to finance construction of the plant.
David Smith, Singapore
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