Olam International to extend projects in Africa

The agricultural products supplier plans to develop a special economic zone in the Government of Gabon.

In an announcement to clarify media reports, Olam International Limited on Monday confirms plans with the Government of Gabon to develop a special economic zone at Nkok (SEZ Project) and plans to develop a palm-oil plantation which will include the construction of a palm-oil refinery (Palm Oil Project), and together with the SEZ Project.

According to the release, the company wishes to clarify that it has been in discussion with and has entered into Memoranda of Understanding with the Government of Gabon.

“The Company is currently in an advanced stage of negotiations and finalisation of the binding agreements with the Government of Gabon in relation to the SEZ Project,” the Olam release said.

Olam said it is conducting feasibility studies in relation with its discussion with the Government of Gabon on the definitive agreements in relation to the Palm Oil Project and will issue an appropriate announcement upon entry into any binding agreements.