-trees have capacity to produce 4 tonnes of crude oil per hectare annually
A GROUP of investors are eying Guyana’s arable lands to invest in oil palm cultivation, the Ministry of Agriculture has said.
On Friday, a team of investors from Agro Atlantic (Guyana) Inc., called on Agriculture Minister Noel Holder in his Regent Road and Shiv Chanderpaul Drive office to discuss the prospects for oil palm in Guyana. The minister was accompanied by Chief Executive Officer of the National Agricultural Research and Extension Institute, Dr Oudho Homenauth.
Taking advantage of Guyana’s tropical climate, the investors have since provided a proposal which could see some 100,000 hectares of land brought under cultivation. The process, once given the green-light by the Ministry of Agriculture, will be completed in stages.
Mr Bruce Jupiter, Director of Agro Atlantic (Guyana) Inc., stated that while the company is looking to expand its oil palm production, it has identified Guyana as one of the most feasible investment opportunities for expansion.
“Region Six is the likely area of interest for our project, which will include the establishment of an oil mill and refinery, as well as downstream processing facilities. As this will be the first of its operation in Guyana, a lot of preliminary work, including a soil feasibility study, rainfall records, soil analysis and investigations, topographic structure, socio-economic impact, environmental impact assessment and others are also needed,” he said.
The investment opportunity was welcomed by Agriculture Minister Noel Holder, who stated that such an investment is necessary, even as his ministry continues to push for value-added production. He added, that once the project materialises, it would be the first of its kind and something which could attract other investors to follow suit.
The company will be working along with NAREI, which will be providing guidance on soil analysis.