Agribusiness giants Archer Daniel Midlands (ADM) and Cargill have formally launched their Egyptian SoyVen joint venture in order to supply the country’s growing demand for soyabean oil and meal.
First announced in March, the deal established SoyVen as the owner and operator of the National Vegetable Oil Co soya crush facility in Borg Al-Arad, alongside related commercial activities, including a separate Swiss entity supplying the plant with soyabeans, Cargill said in a 2 July statement.
The Borg Al-Arab facility’s daily crush capacity had been doubled to 6,000 tonnes with the aim to reduce reliance on imports in Egypt, where the demand for high protein soyabean meal and soya oil was soaring.
“The demand for high quality soyabean meal and for oil from both the food manufacturing and animal feed sectors continues to rise and I’m confident customers will turn to SoyVen as the premier provider in Egypt,” said Ahmet Ertürk, SoyVen CEO.
ADM and Cargill – each holding a 50% share of the joint venture – would continue their separate business operations in Egypt.
SoyVen’s assets did not include Cargill’s grain business and port terminal in Dekheila, nor the ADM-Medsofts joint venture at the Port of Alexandria.