Firm takes advantage on price

By DALE LUMA
New Britain Palm Oil Ltd (NBPOL) country manager Robert Nilkare says the company is taking advantage of strong global prices for agricultural commodities.
“While in the first few months of the pandemic, prices fell as most players were concerned about the effect lockdowns would have on demand but it is the effect on labour mobility and supply that has been most pronounced,” he told The National.
“Demand has remained strong because while hotels, restaurants and cafes have seen a dramatic drop in dine-in business, take away business and grocery sales have been strong.
“This has meant food demand of which palm oil makes up part of, has been strong.
“Palm oil producing nations that rely on foreign labour have suffered with international border closures while those with a large supply of domestic labour such as Papua New Guinea have thrived.
“Due to production shortfalls in Malaysia and Indonesia, palm oil prices are now at decade highs not seen since April 2012.
“NBPOL has focused a lot of time and resources on keeping its workforce safe from the pandemic so that it can continue to produce palm oil and contribute to global food supplies.
“The export of palm oil also brings in vital foreign exchange and supports the jobs of tens of thousands of Papua New Guineans.”