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Palm oil giant Wilmar to expand into Russia

Palm oil giant Wilmar International has teamed up with two partners to expand into the robust edible oils industry in Russia, the company confirmed on Wednesday.

The firm listed on the Singapore Exchange said it agreed to establish a joint venture with Nizhny Novgorod Fats and Oils Group (NNFO) and Delta Exports. Wilmar, which owns plantations in Malaysia and Indonesia, will hold a 37.5% stake in the venture in Russia, it said. Trading company Delta already has a partnership with Wilmar in Ukraine and will control 12.5%. NNFO will hold the remaining 50%. It is one of the largest producers of edible fats, vegetable oil, soap and other industrial products in Russia. A final shareholders’ agreement is expected to be signed no later than January. (m&c.com)