Sanhe Hopefull to invest $317m in Jiangsu vegetable oil refinery

Sanhe Hopefull Grain and Oil Group Ltd, one of China's leading private agriculture companies, will invest 2 billion yuan ($317 million) in vegetable oil refinery project in Jiangsu province and another 2 billion yuan in a soybean processing plant in Liaoning province, a senior official of the company said on Thursday.

Shi Kerong, chairman of the group, said the company will have a total soybean processing capacity of 9 million tons annually when the projects are completed, which will help the company enter the top three of China's grain and oil industry.

"Facing the slowdown economy, our company will continue the investment to strengthen our role and increase our market share," he said.

"As a grain and oil company, our biggest responsibility is to offer safe, healthy and nutritious oil to customers."

The company launched six new refined oil products on Thursday.

Established in 1999, Sanhe Hopefull Grain and Oil Group Ltd has grown fast to reach an asset of 30 billion yuan.

It currently has a soybean processing capacity of 3 million tons and soybean oil of 550,000 tons.

It is the only private Chinese company in the industry to own a port in Brazil, in order to expand its overseas business, according to the company.