The fourth-phase project of the East Ocean Grain & Oil Industries, Ltd., part of the COFCO group, was completed and formally went into operation January 16, 2005. The capacity of the East Ocean’s pressing facility, which has been expanded a number of times, now has a soybean daily processing capacity of 12,000 tons, making it the largest in the world.
East Ocean Grain & Oil Industries, Ltd. was set up with a US$ 228 million investment from COFCO, the US ADM Company and KENSPOT of Singapore. The company mainly processes soybeans, wheat and rice and produces highly refined oils and fats. East Ocean’s main product, the “Fortune” line of vegetable oil products, now holds a 20% of the Chinese market for vegetable oil in retail packaging, making it number two in the country. The company’s “Four Seas” soybean meal holds an 18% share of that market, making it number one in market share in the country. Total sales revenue for the company in 2004 amounted to 9.1 billion yuan RMB. Since the company was founded in 1995, it has turned over a total of 3.1 billion yuan to the government in taxes.
