Equatorial Biofuels Plc (EBF), a United Kingdom public company has signed a Memorandum of Understanding with the government to invest in the palm oil industry in Liberia.
The signing ceremony between Agriculture Minister, Dr. Christopher Toe and Chairman of EBF, Mr. Michael Frayne took place in Monrovia recently following more than eight months of review of the original agreement under which EBF was granted management contracts for Decoris, Butaw and Fendell oil palm plantations.
EBF has specifically expressed interest in operating in three counties. Operations are expected to commence shortly through its wholly owned Liberian subsidiary. Frayne said the new venture will create several thousand jobs.
Under the MOU, the government of Liberia is to appoint a technical committee to meet with the EBF management to finalize terms of the agreement for presidential approval by August 3, 2007.
The Analyst
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