Our first Palm oil industry investment was in 2007, a joint venture with Nauvu Investments, an integrated palm player with a leading presence in Cote d’Ivoire and plantations of various sizes.
We entered into another joint venture with the Republic of Gabon in 2010, to develop large scale palm plantations. Given its suitable soil and climatic conditions, Gabon has the potential to be a cost-competitive palm oil producer. Today, we have access to 300,000 hectares of land banks in Gabon and plan to develop palm plantations in a phased manner, with 50,000 hectares being developed in 4-5 year phases from 2011. We also plan to move beyond our primary focus of West Africa, and expand our upstream supply capabilities to Asia.