SHANGHAI, Nov 6 (Reuters) - China said on Wednesday it will set upAsia's biggest oilseed processing plant in the country's west with a unitof a Singapore firm. "The project is an investment of $48 million and theplant will be able to process 6,000 tonnes of oilseeds including soy,palm, rapeseed and grains daily," China's foreign trade ministry said in astatement posted on its Web site www.moftec.gov.cn.Great Wall Investment Co, a unit of a Singapore firm identified inChinese as the "Fanlian Group", has signed an agreement with the Fulingdistrict government of the Chongqing municipality to set up Xinfu FoodCompany, it said.Half of the investment would be poured into the first phase of theproject, which will take 14 months to build, it said.When the second phase is complete, the joint venture would rake inannual sales of 4.82 billion yuan ($582.3 million) and tax revenues of 770million yuan, the statement said.