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Jakarta Post

Sinar Mas firm to invest $1.6 billion in Liberian palm oil

  • Mariel Grazella

    The Jakarta Post

Jakarta   /   Tue, March 26 2013   /  12:26 pm

Sinar Mas Group says it will invest US$1.6 billion in the Liberian palm oil business to expand operations overseas.

Franky Oesman Widjaja, the CEO of Golden-Agri Resources Ltd. (GAR), a key Sinar Mas Group business unit, said that the company would disburse the funds over eight to 10 years.

“So far, we have put in about $100 million,” he said during a meeting with Liberian President Ellen Johnson Sirleaf on Monday in Jakarta.

Franky said that the investment was appealing and would boost the company’s image.

Golden-Agri Resources has been seeking to become a virtual king in the market as it attempts to acquire to 40,000 hectares of new concessions, mostly in Kalimantan.

GAR, the world’s second-largest palm oil plantation operator, aims to operate 503,400 hectares of plantations in 2013, which would be up 8.6 percent from 2012 and would include ar...