$35m loan for Muntenia

Edible oil producer Muntenia, which is controlled by US Bunge Corp, is to use a $35 million loan to buy raw materials and secure working capital for the 2004-2005 season. In mid September, Muntenia shareholders approved the contracting of the loan from Dutch financial group KBBV. Bunge entered the Romanian market two years ago and also owns the Interoil Oradea and Unirea Iasi oil factories. It has a total annual processing capacity in the region of 300,000 tonnes. The company accounts for one third of the vegetal oil market. Bunge Romania generated $58 million in turnover last year, up 12% on the previous year. Bunge’s main competitors are Argus Constanta, Ultex Tandarei, and the US-based Cargill, which recently bought Topway Industries’ edible oil business in Craiova for $30 million. Bunge is a world-leader in the processing oleaginous plants. ZF