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Hainan launches a plant capable of producing vegetable oil worth $770 mln

Investment in the project exceeded 3.5 billion yuan (approximately $ 540 million).

HAIKOU, July 27. /TASS/. Hainan's Yangpu Economic Development Zone launched a large vegetable oil plant capable of annually supplying 5 billion yuan (over $ 770 million) worth of products to the Chinese and foreign markets, reported the "Hainan Daily" newspaper.

According to the news outlet, the facility belongs to the recently established food company in the province — Aosika — and covers an area of ​​approximately 14 hectares. The factory is equipped with storage facilities that can accommodate up to 100,000 tonnes of raw materials, as well as a modern line for processing rapeseed and soybeans. Among the product range that will be produced at this industrial site is Camellia oil used for cosmetic purposes. Investment in the project exceeded 3.5 billion yuan (approximately $ 540 million).

The construction of the plant was completed in just seven months: back in October 2020, there was an almost empty site in its place, on which warehouses, administrative and production buildings appeared by the end of May. In June, engineers completed the installation of the equipment, and this month the company received the first batch of raw materials from abroad — 48,000 tonnes of Brazilian soybeans, which was unloaded at a nearby deep-water port for large international container ships.

Yangpu Economic Development Zone is located in the province's key industrial cluster. The Chinese authorities plan to turn this industrial site with a special customs regime and a modern seaport into an important transport and logistics hub of global importance, through which the main trade routes from Europe, the Middle East, India and Southeast Asia will pass to China.