Sifca Group, which owns Africa’s biggest palm-oil refinery located in Ivory Coast, said it plans to spend $417 million in the next five years on plantations and factories in Ghana, Nigeria and Liberia.
European banks and pension funds continue to finance one of the largest and most destructive palm oil giants Wilmar International, according to new research released today by Friends of the Earth Europe.
Suitable land for palm-oil cultivation is running out in top producers Malaysia and Indonesia, which now account for about 85 percent of the global output. Wilmar is among several companies searching for land in West and Central Africa.
Wilmar International has taken a majority stake in a palm plantation venture in Indonesia’s Papua owned by Noble Group, giving the world’s biggest palm oil supplier a toehold in the province where it also hopes to grow sugar cane.
Oil palm giant, Wilmar Nigeria Limited, and the Rainforest Resource and Development Centre (RRDC), an environmental rights group, are currently at logger heads over a massive land grab in a rural community in Cross River State, Southern Nigeria.