Image: King media services, Flickr
Singapore-based Olam’s local subsidiary Olam Palm has obtained approval for the development of a biofuel production project in Gabon.
The Ministry of Economy of Gabon said that the biofuel produced by Olam’s plant will not replace oil, responsible for over 80% of Gabon revenue, however biofuel production is in line with the national economic diversification plan implemented by the government and supported by various international development institutions.
“The production of biofuel, less polluting, will increase the competitiveness of our local palm oil sector, thus materializing our vision in favor of the protection of the environment and the fight against climate change,” H.E. Biendi Maganga-Moussavou, Minister of Agriculture of Gabon said last week.
The program is in line with the government’s ‘Green Gabon’ vision which aims to protect the environment while generating sustainable source of revenue and fostering natural ecosystems.