ADM to add palm oil refinery to Hamburg plant
yahoo.reuters.com
Thu May 11, 2006 1:47 PM ET
CHICAGO, May 11 (Reuters) - Corn and oilseed processor Archer Daniels Midland Co. (ADM.N: Quote, Profile, Research) announced on Thursday it is adding a palm oil refinery with an annual capacity of 350,000 tonnes to its vegetable oil facility in the German port of Hamburg.
ADM is also adding another 50,000 tonnes of storage capacity, allowing the facility to receive Panamax-size shipments. ADM, based in Decatur, Illinois, expects the palm oil refinery to be operational in early 2007.
With this latest addition, the Hamburg facility will have a total refining capacity of 1 million tonnes per year of rapeseed, soybean and palm oils. The Hamburg plant also includes a biodiesel operation and some of Europe's largest soybean and rapeseed crushing plants.
ADM's stock has soared in recent months due to its strength in alternative fuels such as corn- and sugar-based ethanol and biodiesel which is made from vegetable oils.
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