5th May 2016 12:39
LONDON (Alliance News) - Equatorial Palm Oil PLC on Thursday said its Liberian subsidiary signed a memorandum of understanding with designated community leaders over four key areas on Palm Bay estate to allow development of its oil palm activities.
The AIM-listed palm oil development and production company said the MoU was signed by EPO Liberia, Community Elders, Leaders and Residents of Tarlo Town, Blayah Town, Nuhn Town and Qlakpojelay.
A joint resolution was reached with regards to the planned development of the areas on Palm Bay estate.
The signing ceremony follows a process whereby EPO Liberia and the community elders jointly mapped the areas which can and cannot be developed for oil palm, the company said.
"The agreement with local communities follows a substantive process between all parties to actively conclude a pathway forward for sustainable development of our oil palm operations. The MoU with the communities at Palm Bay estate forms the background to allow us to move forward in creating a new palm oil industry in Liberia that conforms to the local community's needs and international best practice standards," EPO's General Manager - Commercial, Sandy Barblett said in a statement.
"I believe this MOU shows the tangible benefits of the work EPO has undertaken over the last two years to actively engage with all stakeholders and to consider all interests relating to oil palm development on our estates," Barblett said.
Shares in Equatorial Palm Oil were untraded on Thursday, having traded at 1.45 pence Wednesday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PAL.L