Palm Oil Refinery with Annual Production of 500,000 Tons Completed
POSCO International acquired Sampoerna Agro, a major palm (a type of palm tree, pictured) company in Indonesia, on the 19th. With the completion of a palm oil refinery in the region, the company can now independently handle everything from palm seed development to the production of palm oil, a raw material for biofuel.
POSCO International invested a total of KRW 1.3 trillion to acquire Sampoerna Agro, adding 128,000 hectares (1,280 km²) to its existing Papua plantation, bringing the total to 150,000 hectares (1,500 km²). This is 2.5 times the size of Seoul (approximately 60,000 hectares).
The palm oil refinery, completed on the same day, will be operated by 'PT. ARC (PT. AGPA Refinery Complex)', a palm oil refining corporation jointly established with GS Caltex. POSCO International holds a 60% stake in the company, while GS Caltex holds 40%. The two companies expect that when the plant is fully operational, it will be able to produce 500,000 tons of palm oil annually, equivalent to 80% of the refined palm oil imported into Korea.
Lee Won-joo
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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