07/02/2012 (Proactive Investors) - Equatorial Palm Oil appoints ESIA consultant; advances plans for Liberia.

It has hired Coastal & Environmental Services (CES) to carry out the  Environmental and Social Impact Assessment (ESIA) studies at the company's Palm Bay estate and Butaw estate.

This is an important step in the firm's development strategy and support  on-going discussions with international development banks about getting involved in the Liberia projects, EPO said.

CES is recognised as a specialist environmental consultant in southern Africa.

It has recently completed a study for the Addax Project in Sierra Leone - the first biofuel project to be funded by African development banks and paved the way for a €258 million loan agreement to develop the project.

Equatorial Palm Oil chairman Michael Frayne said this morning:

"The continuation of these social and environmental studies is an important process in the growth of our business.

"The board believes CES are the best possible partner for these studies, with extensive experience completing ESIA studies in Africa for development bank institutions.

"The company now enters into the next planned stage of growth and is driving forward with its planting schedules, employee development and CPO production."

Last month, the firm announced a key milestone - the completed commissioning of Liberia's first commercial scale oil palm mill at the Palm Bay estate.

The mill was inaugurated in May last year by Liberia's president and it is sourcing fresh fruit bunches from the 3,500 hectares of existing oil palms rehabilitated by the company. The crude palm oil is to be sold both in Liberia and internationally.