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SINGAPORE: Commodities firm Golden Agri Resources said Friday one of its associates is in a US$1.6 billion palm oil deal with Liberia's government.
Golden Agri's Golden VerOleum (GVL) announced a partnership with Liberia for the cultivation of sustainable palm oil, mill processing and value-added manufacturing.
The investment is expected to create more than 35,000 direct jobs and build a whole new economic sector in Liberia's southeastern counties.
GVL is incorporated in Liberia and is a subsidiary of the Verdant Fund.
Verdant's initial and lead investor for this project is Golden Agri, though it did not provide further financial details
Apart from Golden Agri, Verdant is expected to receive funding from other investors to meet its targeted US$1.6 billion investment amount.
Additionally, GVL will draw on Golden Agri's expertise and more than 20 years of experience in Indonesia in the cultivation of palm oil.
GVL will be managed by a Liberia-dedicated management team while Golden Agri will provide technical expertise to GVL.
-CNA/wk
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