Ghanaian edible oil processing company Central Oil Mills Limited gets US$2.3m backing to rehabilitate facilities

GHANA – Ghana nears competition of rehabilitation works on locally owned agro-processing company Central Oil Mills Limited. The project which is 90% complete is undertaken through the government’s 1-District-1-Factory initiative. Operating two factories in Jukwa Mfuom and Asamanso in the Hemang Lower Denkyira District of Central Region, the company specializes in oil palm development and palm oil processing. Central Oil Mills, established in 2010 was identified as one of the potentially viable but distressed companies for the government’s Industrial Transformation Agenda. To this end, an organisational audit was conducted by…

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Financial institution EBRD supports Tunisia’s olive-oil sector with US$7m financing to COGIA SA

TUNISIA – The European Bank for Reconstruction and Development (EBRD) has dished out a TND 20 million (US$7.19 million) loan to Compagnie Générale des Industries Alimentaires (COGIA SA), one of Tunisia’s largest producer and export of olive oil. COGIA is a subsidiary of United Arab Emirates-based IFFCO Group, with a diversified portfolio of value-added sustainable foods, consumer products and services across the Middle East, Africa, southeast Asia and Europe.  The funds will enable the producer of Rahma, Allegro and SanMarco brands, to grow its sourcing, bottling and exports of Tunisian…

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Nigerian Agritech startup Releaf secures US$4.2m funding, grant to boost oil palm processing

NIGERIA – Nigeria-based agritech startup Releaf has secured US$2.7-million in a seed funding round to enable the development of industrial food processing technology in the country’s smallholder-driven oil palm sector. Founded by Ikenna Nzewi and Uzoma Ayogu, Releaf is an agricultural technology company that develops proprietary hardware and software solutions that makes African farmers and food factories more efficient and profitable. Starting with Nigeria’s US$3 billion vegetable oil market, Releaf ensures smaller factories are set up near smallholder farmers, enabling the former to get better processing yields and fewer logistics…

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Bunge raises full year outlook as Ardent Mills’ earnings rise sharply in Q2

US – Missouri-based oilseed processor Bunge has raised its fiscal-year outlook for a second time this year following an impressive first half that included a strong performance in Refined and Specialty Oils.  The company reported six-month net sales of US$28.35 billion, a 52% jump from $18.64 billion achieved in the same time of the previous year.  Over the first six months of the 2021 fiscal year, Bunge reported a net income of US$1.19 billion, or US$7.85 per share on the common stock, which more than tripled the net income of US$332 million achieved…

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Upfield introduces Altis Extra Virgin Olive Oil in Kenya promoting healthy living

KENYA – Upfield, the global leader in plant-based nutrition, has expanded its product portfolio in Kenya with the launch of Altis Extra Virgin Olive Oil. The oil, produced in Greece, is widely enjoyed in several countries across the globe, making Kenya its latest market. According to the Blue Band margarine maker, the edible oil is 100% natural olive oil made from olives by cold extraction which ensures the oil offers extensive nutritional benefits. It has low acidity, maintains natural aroma of fresh olives, green herbs and apple, combined harmoniously for…

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Philippines bans use of trans fat to control spread of non-communicable diseases

PHILIPPINES – The Philippines government is stepping up efforts to protect its people from non-communicable diseases with a new order against the production of industrial trans fats.  Titled the “National Policy on the Elimination of Industrially Produced Trans-Fatty Acids for the Prevention and Control of Non-Communicable Diseases,” the new administrative order (AO) aims to remove trans fats from the Fili by 2023.  Under the AO, industrially produced TFA and processed food products containing TFAs shall be prohibited from being produced, imported, and distributed for commercial sale.  Once it becomes effective, it will be illegal to sell Partially-Hydrogenated Oils (PHO) to…

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Nigeria’s palm oil production to rise on back of private, public sector investment efforts

NIGERIA – Nigeria’s palm oil production in the Marketing Year (MY) 2021/22 is expected to reach 1.4 million metric tons (MMT), up about 9 percent greater than the previous year’s estimate of roughly 1.28 million metric tons (MMT). The projected increase, according to USDA in a Gain report, is attributable to an increase in private sector investment. According to the report, two major Nigerian palm oil companies i.e., Okomu Oil Palm Plc and Presco Plc, are currently expanding their production capacity. Presco recently commissioned 500 MT capacity refinery that is…

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Rwanda to boost local production of edible oil with US$10m investment in new processing plant

RWANDA – Kayonza Distribution Company Ltd, a Rwandese retail and distribution company, has invested US$10 million in the establishment of an edible oil manufacturing plant. The investment is aimed to boost local supply of cooking oil in the country and trim the import bill. Targeted to commence operations by the end of the year, the processing facility is expected to produce 100 tonnes of cooking oil per day, reports New Times Rwanda. With this new investment, Rwanda hopes to gradually reduce cooking oil imports, which peaked at 126,002 metric tonnes…

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Tunisian olive oil producer CHO company clinches US$26m financing, management support from IFC

TUNISIA – One of Tunisia’s largest olive oil producers, CHO Company, has been offered a financing and advisory services package by World Bank Group’s IFC, to enable its scale up its operations. IFC has indicated that it will provide €22 million in financing with an eight-year tenor to its Tunisian partner since 2015. CHO will use the funds as working capital and to invest in new equipment, strengthen linkages with farmers and create new jobs in an economy that is recovering from the effects of COVID-19. Besides financing, IFC will…

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Nigeria’s growing appetite for palm kernel oil, meal set to propel production rate

NIGERIA – Nigeria’s palm kernel oilseed production in marketing year (MY) 2021/22 (January-December) is expected to reach 900,000 metric tons (MT), up by 23 percent beyond the MY 2020/21 estimate of 730,000 metric tons. The rise in production, according to a GAIN report by USDA, is attributed to the rise in area harvested as the primary producers have been encourage by the increasing demand for palm kernel oil in the country. Currently, there is growing private sector investment in production of palm kernel for oil, with manufacturers like DUFIL, a…

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