K Global Ventures to develop palm oil plantation in Guinea

The Republic of Guinea has selected Malaysia-based K Global Ventures (KGV) to develop a palm oil plantation in the country.

Guinea’s Trade Minister Marc Yombouno has signed an agreement with KGV director Datuk Annuar Zaini Binyamin to develop 100,000 hectares in Guinea to grow and process palm oil.

According to the minister, if palm oil is successfully planted by the first quarter of 2015, and if the undertaking is completed within five years from then, Guinea will provide land that will double the initial offer.

Mr Yombouno said: "We are impressed with Malaysia’s progress and achievements in the palm oil sector. We are seeking Malaysian investors and expertise in palm oil."

The minister also said that the 100,000 hectares has been offered to the Malaysian company on the basis of a feasibility study based on the new investment laws of the Republic.

Mr Binyamin noted that, in Malaysia, 100,000 hectares of palm oil would generate around RM2bn ($62m) revenue.

KGV will send a technical team to Guinea in the next two or three months, in order to assess the conditions for plantation.

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Image: Guinea’s Minister of Trade with KGV’s executive director after signing the agreement. Photo: courtesy ofBusiness Wire.