Molinos Rio de la Plata, one of Argentina’s largest producers of branded food products and one of the country’s main exporters of bottle vegetable oil, announced it is investing US$70 million to fund the expansion of its soybean operations in San Lorenzo, Santa Fe, reports World Grain.
The investment by Molinas, which produces margarine, bottled vegetable oil, packaged flours, rice, frozen foods, pastas and premixes, will expand its storage capacity for soybeans and soybean meal, will improve its cereals operations and will boost annual oilseed processing to six million tons and its annual grain exports to two million tons.
News of the investment, which was made possible through new federal policies aimed at raising economic growth in the country, was announced at a press conference by Marcos Peña, Argentina’s cabinet chief.
Work on the project is scheduled to begin within three months, with a two year timeline for completion.
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