Oil Palm Project
As the time for Bougainville’s Referendum period forecloses Bougainville now has to seek ways to strengthen its capacity to meet the requirements of the Bougainville Peace Agreement.
With the slow negotiations on the correct calculation of the Restoration and Development Grant and the outstanding amount owed to the Autonomous Bougainville Government, the government has decided to look into possible foreign inward investment.
The Autonomous Bougainville Government President, Chief Dr John Momis had the chance to visit the Aberdi Oil Palm project on the Philippine Island of Mindanao and located on the outskirts of Cagayan de Oro City last Saturday.
The President was wholly impressed by the oil palm project which has built its own refinery to refine the palm’s crude oil and start producing products from food to cosmetics.
President Momis also had the chance to see firsthand how the processing of the palm oil takes place and refined with a visit to the projects laboratory was also included.
The President said with the palm oil industry offering a lucrative market he believes Bougainvilleans should look into this industry as an alternate cash crop.
“Bougainville can have a set up like the one at ABERDIN, while cutting off all middlemen and ensuring that we maximize the benefits for all Bougainvilleans,” the President said.
“We have a lot of arable land that we can use for extensive agricultural development, that can provide employment and revenue for the government and people alike,” he added.
With Bougainville’s own Inward Investment Act already in place, this will guarantee the ABG and the people of Bougainville are not marginalized in any awry business deals with possible foreign investors.
Bougainville’s own oil palm project at Torokina has gone into an indefinite hiatus and its future remains uncertain but the Government is still adamant it will get the project moving only and after it resolves all issues pertaining to its suspension.
The President’s visit to Aberdin was facilitated by A Brown Energy and Resources Development, Inc. (ABERDI), which is a subsidiary of A Brown Company, Inc. which is engaged in the real estate development business primarily in the Philippines.
The company operates through the Real Estate, Manufacturing/Trading, Hotel, Agriculture, Resource Development and Power segments.
Pictured is President Momis at the Factory