Nigeria: Oil palm giant Presco unveils expansion plan, invests U.S.$1 Billion

In a bid to further boost oil palm production in the country, Presco Oil Palm Plc has unveiled plans to expand its production capacity by building a new refinery.

Indeed, under the expansion plan, the company is expected to stake $30 million on the project to boost oil palm production in the country. Similarly, the company noted that its investment profile in the country has grown beyond $1 billion within the last decade.

With the company bringing in a minimum of $100 million investment into the country yearly for the past ten years, the company’s total investment in the country has risen over a billion dollars during the period.

The Chairman of the company, Pierre Vandebeeck, explained that the investment which includes procuring high quality state-of-the-art ‎equipment, automated steam turbines and a biogas plant for power generation, oil palm processing mills, refineries and plants and machineries is the first of its kind in West Africa.

Vandebeeck in a statement made available to The Guardian, said the company is going forward by building a new refinery.

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