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Miscellaneous :: Golden Agri-resources’ Wholly Owned Subsidiary Enters Into A Joint Venture For Bio-diesel Business With Us-based Fulcrum Biofuels Part 2

Posted: Apr 04, 2007 1 minute read GAR

Singapore, 3 May 2007- Golden Agri – Resources Ltd (“GAR”) has today through its wholly owned subsidiary, Blue Sky Golden Fulcrum Ltd (“Blue Sky”) entered into a joint venture agreement (“JVA”) with US-based Fulcrum Biofuels LLC (“Fulcrum”) to initially build and operate a bio-diesel plant in Dumai, Sumatra, Indonesia and market the bio-diesel in the US market. Under the terms of the JVA, a new joint venture company will be established where Blue Sky and Fulcrum will each have a 50% equity interest.

The bio-diesel plant in Dumai will have a capacity of 400,000 MT per annum and is expected to be fully operational in 2008 with total investment cost including working capital estimated at US$ 60 million. Production from this bio-diesel plant will be earmarked to supply the growing demand of bio-diesel in the US market.

Fulcrum is a subsidiary of Fulcrum Power Services LP (“FPS”) which is a Houston- based company that provides cost effective energy management solutions for managing power generation assets and load serving obligations in wholesale energy markets across the US. FPS is currently managing 3,000 MW of power generation and load obligations in the US.

The strategic partnership with Fulcrum is in line with GAR’s strategy to expand into the global bio-diesel sector, and is expected to provide synergies in accessing the growing US market for renewable fuels.

 

About the Group

Listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in 1999, Golden Agri- Resources Ltd (“GAR”) is one of the world’s largest oil palm plantation companies.

With a total planted area of 332,000 hectares located in Indonesia, GAR operates 31 palm oil processing mills, 2 refineries and 4 kernel crushing plants. The Company’s primary activities include cultivating and harvesting of oil palm trees; processing of fresh fruit bunch into crude palm oil (“CPO”) and palm kernel oil; and refining CPO into value-added products such as cooking oils, margarine and shortening.

GAR’s operations in China include refineries, port and oil-seed crushing facilities in Ningbo and Zhuhai.

The Group’s revenue in 2006 was US$1.1 billion.

 

For further information on GAR, please contact:
Golden Agri-Resources Ltd c/o 3 Shenton Way
#17-03 Shenton House
Singapore 068805
Telephone : +65 6220 7720
Facsimile : +65 6220 7020

Contact Persons : Rafael B. Concepcion, Jr. ([email protected])
Suwandy Chen ([email protected])

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