Global agribusiness giant Bunge – through its Bunge Loders Croklaan joint venture with IOI Corporation – has agreed to acquire a port-based refinery from Fuji Oil New Orleans in Louisiana, USA.
Located at International-Matex Tank Terminals (IMTT)’s Avondale Terminal, Louisiana, the new refinery complex has multi-oil refining capabilities and would enable Bunge to expand its customer base, the company said on 10 April.
Following the completion of the agreement, which was subject to customary closing conditions, Bunge said it expected to serve customers with the newly acquired capacity starting in the second quarter of this year.
“This acquisition delivers on our long-term strategy to expand our value-added oils business by accelerating reach across North America, “ Aaron Buettner, Bunge’s President, Food Solutions, said.
Bunge has an 80-year partnership storing and shipping vegetable oils in the Gulf with bulk liquid products handling and storage company IMTT and said it had plans to significantly expand the facility’s current capacity.