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Lusa - Business News - Portugal: Sonae MC invests €25M in Algarve fish farm




Lisbon,July 14,2020(Lusa)-Portugal's food retailer Sonae MC is to invest more than €25 million up until 2022 in a project to produce sea bream in a fish farm in the Algarve, it said on Tuesday.

The open sea production project will be developed in partnership with another Portuguese company, close to Armona Island in Olhão, and will allow Sonae MC to market more than 900 tonnes of this type of fish in Continente stores.

In a press release, the retailer said that, through this project, it intends to reinforce the focus on national production, as well as support the local communities of the Algarve while at the same time improving the fish supply in the stores in terms of freshness and delivery time.

The company intends to extend the project to other species such as sea bass, sea bream and sea bream in the coming years according to Nuno Vital, commercial director of Sonae MC's fish department.

"Our goal is to increase total national fish sales by more than 20% in the first year of the project, reaching a share of more than 40% of total fresh fish sales. This project will also allow us to double the current supply of Portuguese sea bream in the entire market," Nuno Vital said in the note sent to Lusa.

According to the retailer, the national fresh fish market is currently only 33% self-sufficient for the country's current consumption needs, where each Portuguese consumes an average of 57 kilos of fish a year.

Fish farm sales have increasing importance in terms of fresh fish and seafood, but 93% of farmed fish purchases in the Portuguese market are imported.

SYL/IMYN // ADB.

Lusa


Agency : LUSA

Date : 2020-07-15 11:21:00







 

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