|UK company commences US$50 million oil palm investment in Liberia|
|Written by APA Business|
|Wednesday, 16 February 2011 03:59|
APA-Monrovia (Liberia) A United Kingdom based company, Equatorial Biofeul has commenced a US$50 million oil palm investment in Liberia, the company’s Managing Director Peter Bayliss disclosed here.
Bayliss told reporters in Grand Bassa County that his company has already invested about US$5 million into an oil palm concession in Grand Bassa County.
"The investment is ongoing and would lead to the investment of between US$40 million and US$50 million in Liberia when the concession is fully operational," Bayliss said.
According to Mr. Bayliss, the company will be importing about 50,000 palm seedlings every two weeks for the next several months for its replanting program which starts later this year.
He disclosed that about 100,000 palm germinated seeds will be imported from the Democratic Republic of Congo (DRC) to help quicken its replanting program.
Bayliss said the company which has already installed a processing plant, will process oil palm products for export when it becomes fully operational.