Glencore becomes majority owner of Argentinian soyabean processor Renova

Switzerland-headquartered Glencore Agriculture has become the majority owner of Argentinian soyabean processor Renova through the acquisition of a further 16.67% stake in the firm from its joint venture partner, Vicentin, World Grain reported on 13 January.

Renova was established by Glencore and Vicentin in 2006 and operates a soyabean crushing and processing plant in Timbúes producing meal, oil and lecithin, as well as a site in San Lorenzo (pictured) with plants for neutralising and refining oils, and for biodiesel and glycerine production.

Sergio Gancberg, regional director for South America for Glencore Agriculture, said Glencore’s most recent investment in Renova was expanding the processing capacity of the Timbues crushing facility, which was constructed in 2012 and expanded in 2019.

The plant is located on the right bank of the Coronda river in Santa Fe province and has the capacity to crush 32,500 tonnes/day of soyabeans. It has its own port facility and loads soyabean oil, soyabean meal and corn for export to destinations around the world.

“Through our majority ownership of Renova [66.67%], we will continue to provide an efficient and sustainable supply chain for the Argentinian industry and the region’s expanding production of soyabeans and corn,” World Grain quoted Gancberg as saying.

Glencore Agriculture sources, handles, processes and markets agricultural commodities and products around the world including grains, oilseeds, pulses, rice, sugar and cotton.
It operates more than 270 storage and handling facilities, 35 processing and refining facilities, 23 port terminals, 180 ocean-going vessels, 1,900 owned or leased rail wagons and markets more than 70M tonnes of commodities, according to its website.