Market Chatter: China Intensifies Probe on Companies Using Fuel Tankers to Deliver Edible Oils

MT Newswires Live07-11

The Chinese government will deepen its probe into food firms following a media report claiming some companies are using fuel tankers to transport edible oils, Yicai Global reported Wednesday.

Officials probed into a vegetable oil delivery at food giant COFCO Group's grain and oil affiliate in Dongguan, China, the report said, citing COFCO.

One of the oil tankers mentioned in the media report filled up with vegetable oil in Dongguan on June 1 and arrived at a factory of Yihai Kerry Arawana Holdings (SHE:300999) in Shaanxi to deliver the oil three days later, the report said, citing public information. The COFCO affiliate allegedly used the same tanker for transporting kerosene and edible oils, leading to contamination, the report said.

Some other companies do not clean the tanks in between deliveries to cut costs, the report said, citing the media exposÃ©.

Yihai Kerry and other companies mentioned in the report said they strictly comply to safety regulations, while two others launched "large-scale internal probes," Yicai reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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