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Port Moresby
December 6, 2021
Business News

Major Oil Palm Agreement On Hold

by Delly Waigeno – EM TV News, Port Moresby

A planned signing agreement for a large oil palm project in East Sepik Province has been deferred to a later date.

Due to technical issues, the signing of the heads of agreement for the Sepik Plains Oil Palm Project was unable to go ahead as planned for today.

The government is intending to partner with a Malaysian investor, Kuala Lumpur Kepong (KLK) to begin feasibility studies for a large scale oil palm project in the Sepik Plains of East Sepik Province.

The Minister for Trade, Commerce and Industry, Richard Maru, was at Government House today ready for the signing but unfortunately the papers were not in order, and he along with members of KLK will return at a later date to complete the signing. 

If the signing agreement goes ahead, the Oil Palm project will be one of the many agriculture projects developed in the Sepik Plains Economic Zone.

KLK will also develop an environmental plan for the project, with the company being one of the largest integrated oil palm companies in the world. 

Minister Maru said the Sepik Plain Economic Zone Project and the Frieda Copper Mine Project are catalysts for the development of a new major international wharf in Wewak.

He also stated that projects such as this will further justify the expansion of the Boram Airport.

https://youtube.com/watch?v=VKRF7ksoAsw%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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