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Spanish Biofuel Producer to Invest 150 Million Euros in Congo

Feb. 27 (Bloomberg) -- 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.

To contact the reporter on this story: Robert Mbakou in Johannesburg at rmbakouo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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