Chinese corporation New Hope is planning to build its first soya crushing plant in China's Hebei province in a joint venture with agribusiness giant Cargill, reports Reuters.

New Hope and provincial state companies would own 51% of the 50,000 tonnes/day plant, and Cargill the remaining 49%, the 4 March Reuters report quoted New Hope chairman Liu Yonghao as saying.

New Hope is a top animal feed producer in China, headquartered in Chengdu, capital of Sichuan province. It has operations in agribusiness and food; chemical industry and resources; real estate and infrastructure; and finance and investment.

Reuters said New Hope’s annual sales topped 90bn yuan (US$13.83bn) and it had plans to expand overseas.

Liu said that in about 10 years, international farm products would account for 40% of total revenue, up from 10% currently, and the company was setting up a European headquarters in the Netherlands and would open a US office. The company already had overseas offices in Australia and Singapore.

For its international strategy, Liu said New Hope would mainly build factories in under-developed countries while focusing on acquisitions and partnerships in developed countries.