Spanish Biofuel Producer to Invest 150 Million Euros in Congo

Spain’s Biocongo Global Trading will spend 150 million euros ($201 million) developing 60,000 hectares (148,000 acres) of palm oil plantations and two processing plants in Congo Republic over the next five years, according to a company statement.

One plant will produce palm oil used in cooking for the domestic market and the other will manufacture biofuel, Biocongo President President Eugene-Hubert Obba told reporters today in Brazzaville, the capital.

Obba signed a memorandum of understanding today with Congo Minister of Industrial Development and Private Sector Promotion Rodolphe Adada. The venture with Congo’s government would create work for 20,000 people, he said.