Monrovia — A Seven-year tax break (Investment Incentive Agreement) in favor of Fouani Brothers Corporation for the construction and operations of a crude oil palm refinery was unanimously approved by the House of Representatives on Thursday, July 16, 2020.
Plenary took the decision based on a recommendation by its specialized committee headed by Rep. Richard Koon (District #11, Montserrado County).
House Speaker Bhofal Chambers, acting on the mandate of plenary on July 14, 2020 set up a specialized committee comprising representation of the 15 counties to scrutinize an Investment Incentive Act submitted by President George Weah in favor of Fouani Brothers Corporation to construct the refinery.
According to the committee, the refinery will be US$30 million investment that will add value to crude oil palm produced in Liberia by producing refined edible vegetable oils, margarine, and other processed food products, glycerin and soap noodles; all of which that are currently imported.
In addition, the refinery, as per the agreement, will process 13,000 metric tons of crude palm oil per month for the production of edible vegetable and the derivatives from such oil, adding it will be enough for export to the Mano River Union other neighboring countries and create employment.
Excerpt of the Committee's report: "The Lack of skills by the youthful population to enable it fit the job market is one of the main factors responsible for unemployment. The committee sees the Fouani Brothers Corporation Investment Incentive Agreement as an opportunity to addressing the high unemployment rate in the country."
In addition, the committee notes that within five years, the investor shall ensure the employment of at least 25 Liberian nationals in technical and other skilled or professional positions in the refinery. And not later than its 10th anniversary, the investor shall ensure the employment of not less than 50 Liberians nationals in technical and other financial, administrative and supervisory positions.