CHICAGO (B)--Agribusiness giant Cargill said Aug. 8 it has entered into an agreement with Global Bio-Chem Technology Group to form a joint-venture company in Hong Kong.

The new firm will be established as an investment vehicle for the manufacture and sale of sweeteners and other products made from corn processing plants in China.

The first investment for the joint venture company will be a refinery to be built in Shanghai to produce high fructose corn syrup (HFCS), a corn sweetener used in the beverage industry and for other food applications.

Global Bio-Chem, which is headquartered in Hong Kong and has production facilities in Changchun in China's Jilin province, will finance and manage the construction of the Shanghai refinery.

Cargill's role will be to provide expertise in engineering and design, operation standards, quality assurance methods and procedures to support the plant's construction and operation.

Cargill Investments (China) Ltd. will provide sales and marketing services, customer service and distribution for the product manufactured by the refinery.

Corn starch, the raw material used for the sweetener plant, will be provided by Changchun Dacheng Corn Development Co., a subsidiary of Global Bio-Chem, the companies said.

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