Wilmar to build integrated sugar industry in Merauke.
Wilmar International Ltd has made available US$ 1.5 billion to finance development of integrated sugar venture in the Merauke Food Estate in Papua. President of PT Wilmar Nabati Indonesia, a subsidiary of the Singapore-based commodity giant Hendri Saksti said the company has secured the license to use 200,000 hectares of land in that area. The land will be used for sugar plantation to be integrated with sugar refinery. Hendri feasibility studies will still be conducted that will take 1-2 years. Sugar plantations would be the priority in short term development of the ambitious food and energy estate project in Merauke, an official said. Self sufficiency in sugar would be one of the main goals of the Merauke Industrial Food and Energy Estate (MIFEE) development in 2010-2014, Agriculture Minister Suswono said. Wilmar International has also announced it's would l acquire an Indonesian sugar company PT Jawamanis Rafinasi this year. Jawamanis, which has a double refined sugar factory in Ciwanda, Banten, is priced at an estimated US$ 50 million, but the price could be higher as negotiation is still underway, a Wilmar official said. PT Wilmar Nabati Indonesia is negotiating with the owners of Jawamanis, Wilmar Nabati commissioner MP Tumanggor said. The factory of Jawamanis has a milling capacity of 1,000 tons of sugarcane per day.
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|Title Annotation:||CORPORATE NEWS IN BRIEF|
|Publication:||Indonesian Commercial Newsletter|
|Date:||Sep 1, 2010|
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