Equatorial Palm Oil announces first crude palm oil sales

Equatorial Palm Oil announces first crude palm oil sales ; Equatorial Palm Oil (PAL) has begun first sales of its crude palm oil in Liberia, as it eyes up increased production. The AIM-listed palm oil developer said the first sales occurred during April, with a larger sale tender process set to get underway this month.

The West African country's first palm oil mill in Grand Bassa county - which cost $3 million and underwent eight months of construction and testing - was inaugurated by Liberian president Ellen Johnson Sirleaf.

Chief executive Michael Frayne hailed the inauguration and commencement of CPO sales as "two important milestones" for the company as it continued with its development plans to become a significant palm oil producer in the West African region.

"The mill is a tangible example of the company's continued investment providing a positive benefit for Liberia as it drives to create additional value for shareholders," he added.

The plant is currently processing 30 tonnes of fresh oil palm bunches daily, sourced from the surrounding 3,500 hectares of existing oil palms rehabilitated by the company over the past year.

An additional 1,200 hectares are currently being prepared for the 2011 planting of new oil palms in the nursery, Equatorial Palm Oil said.

Production is currently averaging five tonnes of CPO per day, but is expected to rise as the mill reaches full capacity in July of this year, with output in the order of 15 tonnes of CPO per day. For the latest updates PRESS CTR + D or visit Stock Market news Today

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