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Liberia, VerOleum to Invest $1.6 Billion in Oil Palm

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Sept. 3 (Bloomberg) -- Golden Agri-Resources Ltd., part of Indonesia’s Sinar Mas Group, said the government of Liberia and Golden VerOleum (Liberia) Inc. plan to invest $1.6 billion in oil palm plantations in the African nation.

The partners are seeking other investors to contribute to the planned spending, according to a statement filed today by Golden Agri-Resources to the Singapore stock exchange. VerOleum is a unit of Verdant Fund LP, in which Golden Agri-Resources is an investor, according to the statement.

The investment is expected to help small farmers in sustainable planting and will create more than 35,000 jobs, the statement said.

To contact the editor responsible for this story: Masumi Suga in Tokyo at msuga@bloomberg.net

To contact the editor responsible for this story: Hwee Ann Tan at hatan@bloomberg.net

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