NBPOL COMMITTED TO INVEST IN EAST SEPIK PROVINCE

The New Britain Palm Oil Limited (NBPOL) is committed to investment in the East Sepik Province, specifically in large-scale commercial agriculture space. This was confirmed by the President and Group CEO of SD Guthrie (NBPOL’s parent company), Mr. Mohd Harris Mohd Ashad during his meeting with the Minister for International Trade and Investment, Hon. Richard Maru, this morning.

Mr. Arshad said they were looking at having a cattle abattoir and feedlots at Wariman in Wewak, cattle and palm oil development in Urimo and Kanauki, and a township at Haripmo.

The feedlots at Wariman would create a major business opportunity for farmers in Wewak District to plant and sell legumes like sorghum to the company. The masterplan for these developments would be prepared and presented to the National Executive Council in the next four weeks to seek concept approval for stage one of the development of the project under the Sepik Plains Special Economic Zone (SEZ).

Furthermore, Minister Maru made a commitment that the State would deliver the non-binding offer letter to NBPOL before the end of this month on its buyout of shares in Ramu Agri Industries Limited (RAIL).

“The Prime Minister, Hon. James Marape will officially launch the Sepik Plains SEZ in August on the condition that the State buys into RAIL and a Project Agreement is signed between RAIL and the State."

"The new joint venture company that will develop the cattle and oil palm company in the Sepik Plains will be the lead developer of the Sepik Plains SEZ. Obviously, other shareholders will partner us to develop the one million hectares of the Sepik Plains SEZ because the business will require billions in capital,” he said.

Meanwhile, the State on its part had put down K10 million to upgrade the road from Kusaun Junction on the Sepik Highway to Urimo.

“This road project is currently in progress, and we plan to secure funding next year to have this high-value economical road sealed."

Minister Maru also highlighted that the Government is also focusing on building a new international wharf in Wewak to meet the needs of the Sepik Plains SEZ.