Cargill and Archer Daniels Midland formally launch soybean joint venture in Egypt
Cargill and Archer Daniels Midland Company (ADM) have reached an agreement to formally launch SoyVen, a new joint venture that aims to provide soybean meal and oil for its customers in Egypt.
Announced earlier this year, the joint venture aims to take advantage of the growing demand for edible oil and livestock feed in the country.
SoyVen will own and operate National Vegetable Oil Company soy crush facility in Borg Al-Arab, Egypt.
Cargill is currently expanding the plant so that it's daily crush capacity expands from 3,000 to 6,000 metric tonnes.
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This means that the facility will be able to produce higher-protein soybean meal whilst also reducing the need to import soybean meal into the country.
SoyVen also owns related commercial and functional activities, including a separate Switzerland-based entity that supplies soybeans to the Egypt crush plant.
The new company is headed by Chief Executive Officer, Ahmet Ertürk, who previously held positions in Cargill’s malt, grains and oilseeds businesses.
The joint venture aligns with Cargill and ADM’s strategy to grow their business across the Egypt and North Africa region.
“By bringing together the strengths and capabilities of both Cargill and ADM in Egypt, this joint venture is uniquely positioned to meet specific customer needs in the growing Egyptian market,” Ertürk said.
“The demand for high-quality soybean meal and for oil from both the food manufacturing and animal feed sectors continues to rise and I’m confident customers will turn to SoyVen as the premier provider in Egypt.”
“Egypt is an important market where demand for high-quality soybean meal and oil is outpacing the rest of the world,” added John Grossmann, ADM’s president of EMEA Oilseeds crush.