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US agribusiness and food producer, Bunge, has agreed to acquire Fuji Oil New Orleans' port-based refinery located in IMTT’s (International-Matex Tank Terminals) Avondale Terminal, Louisiana, US. Fuji Vegetable Oil, a subsidiary of Fuji Specialties, announced plans to invest $70 million to launch the facility in 2018. Its primary purpose was to import and refine palm oil from sources in the Pacific. The facility features multi-oil capabilities and is strategically located, helping to 'connect' North American food, feed and fuel customers with global markets. Bunge says that it expects to begin serving customers with the newly acquired capacity in the second quarter of 2023. Aaron Buettner, Bunge’s president of food solutions, commented: “This acquisition delivers on our long-term strategy to expand our value-added oils business by accelerating reach across North America. This facility will connect with our existing footprint and enable Bunge to better serve our customers.” Bunge plans to significantly expand the facility’s current capacity and create new job opportunities for the local community. Brett Caplice, Bunge’s VP of refined and speciality oils in North America, added: "We are excited for the opportunity to continue to expand and grow, working alongside great local partners such as IMTT, who Bunge has had an 80-year partnership with storing and shipping vegetable oils in the Gulf”. The completion of the transaction is subject to customary closing conditions.