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FINANCIAL NEWS
Savola suspends expansion of Jeddah sugar refinery
22 Feb 2011
(MENAFN) The Vice President for central buying of Saudi food company Savola Group, Kamal M. Shukri, said that the company decided to suspend its plans for expanding the Jeddah sugar refinery until the recovery of white sugar business, reported Arab News.
Shukri said that Savola’s plan was to expand its 1.2 million-ton per annum sugar refinery to 1.5 million tons. The plan was put on hold due to losses in refineries worldwide caused by high prices and low demand.
Shukri added that the company owns another 750,000 tons refinery in Egypt that had to be closed during the recent unrest in Egypt.
It is worth noting that Savola owns the biggest sugar refining and edible oil production business in the Middle East.
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