Challenging times for oil palm

NEW Britain Palm Oil Ltd group chief executive officer Jamie Graham, pictured, says the industry is facing some challenging times with prices dropping to among the lowest in years.
Graham said there was over production of vegetable oil in the world over the last three to four years and while the demand had increased, the supply outstripped the demand.
“That has made the actual stocks on the world market to grow and made it quite tough for the people in the industry,” he said.
“The whole industry worldwide is facing what can only be described as challenging times.”
Graham said despite the challenge, NBPOL would continue its effort to grow the oil palm industry in the country in a sustainable manner through a number of projects.
“As far as New Britain Palm Oil is concerned, we are obviously committed to continuing to develop and expand the industry in a sustainable way in Papua New Guinea,” he said.
“Last year we invested in the purchase of Markham farms and we have just commenced construction on the new oil mill in Erap, Morobe.
“We are committed to continue the development not just in the industry but our people.
“Earlier last year we opened up the New Britain Palm Oil Academy in Ramu.
“We have put a lot of young cadets through that academy already which off course has just finished.
“We are also using that facility to develop our managers and even our senior managers. “We are committed to not just develop the industry but also the skills in our management team across the five sites where we operate in the country.”
Graham said the company welcomed the narrative of the Marape Government to support the agriculture sector.
“We share the same views with the prime minister that agriculture has been neglected in the country.”
“Apart from the palm oil industry, there has been a decline in every other agriculture commodity so it’s well overdue that more investment and greater attention is paid to agriculture in the country.”