Australian canola oil could soon be sold in thousands of petrol and convenience stores in China following a freshly inked distribution deal.
Food Revolution Group (FOD), an ASX-listed Victorian fruit and vegetable processor, has signed a Memorandum of Understanding (MOU) with Sinopec, the world's largest oil refining, gas and petrochemical conglomerate, to supply its Australia’s Garden-branded canola oil.
Sinopec will sell Food Revolution Group’s Australian canola oil products across its network of more than 35,000 petrol and convenience outlets in China.
Sinopec is headquartered in Chaoyang District, Beijing, and the MOU follows Food Revolution Group’s participation at the recent China International Import Expo where it shared a booth with its strategic investor and distributor Careline.
Food Revolution Group expects canola oil distribution to kick off in early 2019 once it receives China Inspection and Quarantine Certification (CIQ).
The company says its expects its relationship with Sinopec to expand to include other functional foods and beverage products.
“This is very exciting development for FOD. Sinopec is one of the largest companies in China, and the world, with more than 35,000 petrol and convenience stores in China plus a large online platform,” Food Revolution Group chairman Norman Li said.
“This is a great relationship for FOD to build on, not only for distribution of canola oil but also for our functional food and beverage range over the longer term.
“A landmark deal such as this will put FOD on the map in China and position the company to generate further distribution deals with large Chinese companies.”
