4 Nov 2008

Foreign oil palm project in PNG to be launched next year

12:04 pm on 4 November 2008

A foreign consortium-backed oil palm project is expected to be launched early next year in the central Kerema district of Gulf province of Papua New Guinea.

The newspaper, the National, reports that financed by investors from Malaysia, Singapore, Taiwan And Hong Kong , the oil palm estate will cover an initial area of 20-thousand hectares.

More than 35,000 people in the area hope to benefit from the venture, which is expected to generate some 4 million US dollars over a period of more than 30 years.

The revenue would help rehabilitate old schools and build new ones alongside aid posts, wharves, bridges and roads, according to project proponents.

The project would later venture into aqua-culture, downstream processing in selective logging, rice and cocoa farming, among others.