CGB, an affiliate of ITOCHU, decided to build a new soybean oil extraction and refinery plant in North Dakota in the United States.
The new plant is scheduled to begin operating in 2024. CGB's production capacity, which is the capacity of this new plant and its existing plant in Indiana, will be equal to the total production capacity of Japan.
CGB defines the soybean processing business as its third revenue pillar after its long-running mainstay business of collecting and storing grain and its river-based logistics business. In addition, it will support the stable supply of food resources in Japan and the rest of Asia.
In recent years, soybean oil is in demand not only for food applications but as a raw material for sustainable aviation fuel (SAF), considered the next-generation aircraft fuel, and other biofuels. In light of this, CGB will increase its supply of soybean oil and help expand environmentally-friendly sources of clean energy that are expected to see increased demand in the future.