Bunge acquires stake in Vietnamese port operator

10/20/2008 9:57:57 AM

Bunge Asia, the Asian operating arm of Bunge Ltd, has acquired SSI Logistics, the French subsidiary of France's state-owned SSI/EMC Group. SSI Logistics owns a 50% stake in Baria Serece, the owner/operator of Phu My Port.   Located on the Thi Vai River, approximately 70 km from Ho Chi Minh City, Phu My Port is the only commercial dry bulk port in Vietnam capable of handling large Panamax-class ships.   In 2004, Bunge secured exclusive access to the port for shipments of agricultural commodities. Acquiring an ownership stake will enable Bunge to invest alongside its partners to expand the operation's capacity and traffic.   Plans call for the addition of new storage facilities and more efficient discharging equipment, which should increase capacity significantly over the next few years. Bunge also plans to construct a soybean processing plant within the site.   Eyefortransport

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