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Bakrie Delano invests $500 million towards rubber plantations & crude oil in Nigeria

Posted on : 15 Jun, 2012

 

In December 2011, Nigeria-based Bakrie Delano signed a memorandum of understanding with the Nigerian government stating a $1 billion investment commitment in Nigeria over the next five years. Bakrie Delano is a joint venture of Bakrie Group and British-Nigerian businessman Ladi Delano. Delano said that he picked the Bakrie Group due to its experience as a diversified business group. The company plans to channel half of it towards crude palm oil and rubber plantations, said its chief executive in Jakarta.

 

Seng Hoo Ong, a director at Bakrie Delano pointed out that the company would also acquire plantation companies in Nigeria, which already produces vast amounts of palm oil and rubber. He also said that some of the $500 million investment would be allocated to buy land. Delano further revealed that the company would also invest in the oil and gas sector in Nigeria.

 

A former president of Nigeria, Olesogun Obasanjo, said during his recent visit to Indonesia, that he supported the plan, as the country is one of the biggest crude oil producers in the world. “Nigeria now is the second biggest country [in Africa] in terms of gross domestic product.” He also remarked that both Nigeria and Indonesia had great economic prospects in the years to come.

 

According to Delano, the Bakrie Group’s investment in Nigeria would also open up other investment opportunities in Africa.

 

The RubberPlant Africa conference to be held in Accra on 04-05 September will thoroughly explore policies and incentives for rubber cultivation in Malawi, Cameroon, Nigeria and Gabon, as well as examine financing challenges and investment risk aversion among other important aspects of rubber plantations in Africa. The event will be officiated with a Keynote Address by Honourable Deputy Minister from MOFA, Republic of Ghana. For further information on the conference, contact Ms. Hafizah at hafizah@cmtsp.com.sg or Pre-Register here and reserve seats to attend the event.

 

Article extracted from thejakartaglobe.com