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The London-listed company has Papua New Guinea's largest oil palm plantation and already runs a refinery in PNG with capacity for around one third of its annual palm oil production.
The new plant's construction is estimated to cost GBP18 million and the company hopes it will be in production by early 2010.
The company is expected to announce the plant's exact location in coming weeks once it has received planning consent. It is expected the plant will be adjacent to a port close to food manufacturing giants Unilever (ULVR.LN) and Nestle SA's (NESN.VX) food production facilities, as these companies are some of the biggest users of palm oil in the world.
It will be the first U.K.-based plant to produce sustainable and traceable palm oil, said the company.
The palm oil industry has faced increasing pressure to prove its sustainability credentials due to deforestation to clear land for new plantations, particularly in Indonesia, driven by the high demand for the food and biofuel ingredient.
-By Sarah McFarlane, Dow Jones Newswires; +44 20 7842 9327; sarah.mcfarlane@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=gnR9y3EUeVwGMWuM34KHkA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
08-04-08 0633ET
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