New Additions
Among many projects initiated in 2009, two will improve our asset network in notable ways. We began construction on a state-of-the-art export grain terminal at the Port of Longview in Washington state – the first export terminal built in the United States in more than two decades. The Pacific Northwest is already the second largest export corridor in North America and this terminal will provide additional capacity to meet growing demand for grains and oilseeds in Asia. The terminal will establish Bunge in a strong position on the Pacific Coast and serve as our fourth major export point from North America, along with New Orleans, Quebec City and Brunswick, Georgia.
Across the Pacific in Vietnam, we broke ground on an integrated soybean processing plant within the Phu My port complex. Despite the global economic slowdown, Vietnam’s demand for vegetable oil for consumers and protein for livestock has continued to grow steadily (Figure 3), and the plant will be an important addition to Bunge’s existing operations at that location. The combined operation will make us a leading importer of agricultural products into Vietnam and the only local soybean processor.