First Crude Palm Oil Sales from New Mill

RNS Number : 3661M

Equatorial Palm Oil plc

07 January 2019

 

07 January 2019                                                                                     

EQUATORIAL PALM OIL plc

("EPO" or the "Company")

First Crude Palm Oil Sales from New Mill

Equatorial Palm Oil plc (AIM: PAL), the AIM listed palm oil development and production company with operations in Liberia, West Africa, is pleased to announce that it has completed its first sale of crude palm oil ("CPO") from the newly commissioned palm oil mill ("POM") at Palm Bay estate.

As was announced on 27 September 2018, the POM, which currently has capacity to process up to 30 metric tonnes per hour ("mt/hr") (with the potential to increase capacity up to 60 mt/hr) of fresh fruit bunches, has been commissioned and is producing CPO.

EPO, through Libinc Oil Palm Inc ("Libinco",) its Liberian operating subsidiary, has sold its first shipments of CPO to an oil palm trader. EPO understands that the shipment is being delivered to Nigeria, which is a member of ECOWAS (The Economic Community of West African States), as is Liberia. Trade between ECOWAS member states is tariff free, and therefore no import or export duties are payable.

First shipments of CPO from the POM will be made using flexibags which sit inside shipping containers, each holding approximately 20 mt of CPO, and will be shipped out of the main port in Monrovia on conventional cargo ships.

Shipments of CPO to other customers will continue in the normal course of business.

Geoffrey Brown, Executive Director of EPO, commented:

"We are delighted to have made our first sales of CPO from our recently commissioned palm oil mill. We always believed that strong demand would come from the ECOWAS countries for our oil palm products. 

"This is another significant milestone for the Company and also for Liberia which is looking to re-invigorate the agricultural industry and EPO is proud to be playing its part in that regard."

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For further information, please visit www.epoil.co.uk or contact:

Equatorial Palm Oil plc Geoffrey Brown (Executive Director)	[phone]
Strand Hanson Limited (Nominated Adviser) James Harris / James Bellman	[phone]
Mirabaud Securities Limited (Broker) Peter Krens	[phone]

Notes to editors:

Equatorial Palm Oil plc is an AIM listed crude palm oil developer and producer with palm oil estates in Liberia, West Africa.  The Company was founded in 2005 and is focused on becoming a global, sustainable producer of high quality palm oil to regional and international markets.

With a significant land position in Liberia through its operating subsidiary Liberian Palm Developments Limited ("LPD"), the Company is geographically well positioned to serve the international and regional markets and is committed to making a positive impact on the communities in which it operates through investment in local schools, health clinics, housing and infrastructure. 

The Company's largest shareholder and 50:50 joint venture partner in LPD is KLK. KLK is one of the largest palm oil producers in the world and the Company will greatly benefit from their many years of expertise in oil palm development.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

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