Liberia: Govt Signs U.S. $1.6 Billion Oil Palm Investment Agreement

The Government of Liberia (“GoL”) and Golden VerOleum (Liberia) Inc. (“GVL”) Thursday, September 2, announced a partnership for the cultivation of sustainable palm oil by the company and by Liberian smallholders and farmers, mill processing and value-added manufacturing. The investment is expected to total US$1.6 billion, creating more than 35,000 direct jobs and building a whole new economic sector in Liberia’s southeastern counties.

GVL is incorporated in Liberia and is a subsidiary of the Verdant Fund LP (“Verdant”). Verdant’s initial and lead investor for this project is Golden Agri-Resources (“GAR”). Apart from GAR, Verdant is expected to receive funding from other investors to meet its targeted US$1.6 billion investment amount. Additionally, GVL will draw on GAR’s expertise and more than 20 years of experience in Indonesia, where GAR cultivates more than 400,000 hectares (1 million acres) of oil palm. GVL will be managed by a Liberia-dedicated, experienced management team while GAR will maintain its plantations operational focus on Indonesia and provide technical expertise to GVL.

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