Palm oil could provide a substantial source of revenue for Gabon as it turns its focus to becoming a net exporter of the biofuel feedstock. The African country’s minister for agriculture Julien Nkoghe Bekale said, “We have large quantities of land available and an attractive environment for investment.”
Belgian company Siat produces around 11,000 tons of palm oil annually in Gabon and in June, the government signed a JV with Singaporean company Olam International Ltd. to cultivate 50,000 to 100,000 hectares of the feedstock. A month later, Siat sold a 35% stake in its company to Singapore-based GMG Global Ltd. (a subsidiary of Sinochem International) in order to shore up funds to expand further in Africa.
If Gabon continues this path, it could be one of the major African exporters of palm oil with 2020’s production expected to reach 250,000 tons each year.
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