Feb. 2 (Bloomberg) -- Atama Plantation Ltd. of Malaysia plans to invest 150 billion CFA francs ($300 million) in the Republic of Congo over the next 15 years developing a palm-oil project, the Central African nation’s Agriculture Ministry said.
The company plans to grow the crop on 470,000 hectares (1.16 million) acres, producing about 90,000 metric tons of the world’s most-consumed vegetable oil yearly, the Ministry said in a statement dated Jan. 31 and distributed to reporters today in Brazzaville, the capital. The project will be located halfway between the northern Congolese districts of Makoua and Mokeko, it said.
Atama will also build an agro-industrial plant to process the palm oil, creating 20,000 jobs, the ministry said.
Atama didn’t immediately respond to a request for comment sent to an e-mail address listed on its website, which is still under construction.
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