15th May 2015 09:19
LONDON (Alliance News) - DekelOil Public Ltd Friday said the equipment and components needed to construct the Kernel Crushing Plant are due to arrive in Ivory Coast within eight weeks after leaving Malaysia on Wednesday.
The company owns 51% of the Ayenouan palm oil project in Ivory Coast, which it operates.
Modipalm Engineering SDN BHD, a Malaysian engineering company, is constructing the plant under a turnkey contract.
The plant is fully funded and on track to be operational in the fourth quarter of 2015, DekelOil said.
"Once operational the KCP will add another significant revenue stream to our producing Ayenouan project, so we are delighted to report that it remains on track to be commissioned later this year," Executive Director Lincoln Moore said in a statement.
"As evidenced by our recent announcement that CPO production during the first four months of 2015 has already surpassed the total produced during the nine months of operations in 2014, our strategy to increase production towards the Mill's 70,000 tonnes per annum capacity is bearing fruit. Combined with the KCP, we are on course to transform our Ayenouan project into a profitable and cash generative asset, which will help fund the roll out of Guitry, our second vertically integrated palm oil project in the Ivory Coast," Moore said.
DekelOil shares were up 3.5% at 1.26 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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