MARKET DEVELOPMENT
Golden Agri Resources, Spanish Firm in Joint Venture for Fatty Alcohols
Golden Agri Resources, Spanish Firm in Joint Venture for Fatty Alcohols
22/07/2014 (Jakarta Globe) - Golden Agri Resources, one of the world’s largest palm oil holding companies, announced a plan to establish a 50-50 joint venture with Cepsa Quimica, a subsidiary of a Spanish energy giant, to produce and sell fatty alcohols — which can be used in making cosmetics — for the international markets.
GAR, a Singapore-listed investment holding company that also controls Indonesia-listed palm oil company Sinar Mas Agro Resources & Technology, said in a joint statement filed to the Singapore Exchange on Friday that the venture will be based in Singapore and named Sinarmas Cepla.
GAR, which is controlled by Indonesian conglomerate Sinar Mas, said it expects the venture to benefit from both GAR and Cepsa for their “expertise, knowledge and capabilities throughout the fatty alcohols supply chain, from the procurement of raw materials to the commercialization of the final products.”
“This strategic partnership is a further step towards the achievement of GAR’s growth strategy in widening its product portfolio and shifting product mix to higher value-added products,” said Jesslyne Widjaja, director of corporate strategy and business development of GAR, in the statement.
“Through the partnership with Cepsa, GAR will enhance its expertise in the development, formulation and production of fatty alcohols as well as further expand its worldwide distribution network,” she said.
“Through the partnership with GAR, Cepsa enters into the oleochemical sector to develop together a new line of business. It also offers confirmation that Cepsa is a relevant player in Asia, where we are already conducting activities to explore and produce hydrocarbons, market by-products, and work with petrochemicals,” Fernando Iturrieta, senior vice president for petrochemicals at Cepsa, said in the joint statement.
No investment value or timeframe of the venture’s establishment was disclosed.
GAR, through its subsidiaries, operates an integrated palm oil plantation, primarily in Indonesia and China. Its subsidiaries are involved in cultivating, harvesting palm oil trees, producing crude palm oil and refining CPO into various derivative products like cooking oil, shortening and margarine.
Meanwhile, Cepsa Quimica is a wholly owned subsidiary of Compañía Española de Petróleos, an integrated energy company that has some businesses in biofuels. Its other businesses include oil and gas, electricity and biodegradable detergent making.
The Spanish company has significant business interests overseas, including in Portugal, Canada, Algeria, Kenya, Suriname, Brazil, Columbia, Panama, Peru, Malaysia, and Thailand.
GAR, a Singapore-listed investment holding company that also controls Indonesia-listed palm oil company Sinar Mas Agro Resources & Technology, said in a joint statement filed to the Singapore Exchange on Friday that the venture will be based in Singapore and named Sinarmas Cepla.
GAR, which is controlled by Indonesian conglomerate Sinar Mas, said it expects the venture to benefit from both GAR and Cepsa for their “expertise, knowledge and capabilities throughout the fatty alcohols supply chain, from the procurement of raw materials to the commercialization of the final products.”
“This strategic partnership is a further step towards the achievement of GAR’s growth strategy in widening its product portfolio and shifting product mix to higher value-added products,” said Jesslyne Widjaja, director of corporate strategy and business development of GAR, in the statement.
“Through the partnership with Cepsa, GAR will enhance its expertise in the development, formulation and production of fatty alcohols as well as further expand its worldwide distribution network,” she said.
“Through the partnership with GAR, Cepsa enters into the oleochemical sector to develop together a new line of business. It also offers confirmation that Cepsa is a relevant player in Asia, where we are already conducting activities to explore and produce hydrocarbons, market by-products, and work with petrochemicals,” Fernando Iturrieta, senior vice president for petrochemicals at Cepsa, said in the joint statement.
No investment value or timeframe of the venture’s establishment was disclosed.
GAR, through its subsidiaries, operates an integrated palm oil plantation, primarily in Indonesia and China. Its subsidiaries are involved in cultivating, harvesting palm oil trees, producing crude palm oil and refining CPO into various derivative products like cooking oil, shortening and margarine.
Meanwhile, Cepsa Quimica is a wholly owned subsidiary of Compañía Española de Petróleos, an integrated energy company that has some businesses in biofuels. Its other businesses include oil and gas, electricity and biodegradable detergent making.
The Spanish company has significant business interests overseas, including in Portugal, Canada, Algeria, Kenya, Suriname, Brazil, Columbia, Panama, Peru, Malaysia, and Thailand.