NEW IRELAND PALM OIL COMPANY RESUMES EXPORTS

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By Baeau Tai

PORT MORESBY, Papua New Guinea (The National, Oct. 14) - New Ireland-based Poliamba Ltd. recently resumed its export of crude palm oil after a prolonged production shutdown in the middle of this year, the company announced yesterday.

General manager John Rigby said the company has exported two shipments 8,706 metric tons of crude palm oil worth K12 million (US$3.7 million) to a South East Asian palm oil refinery after production resumed late last month.

The company suffered financially from the production shut-down when a vessel from Indonesia, which was expected to arrive at Lakurumau in Kavieng last July 25, was delayed for over three weeks due to bad weather.

It is understood the volume of palm oil that was delayed for shipment was 6,800 tons, worth K9.4 million.

The vessel, which has brokers based in Singapore and registered in Jakarta, was to haul off export palm oil stocks, which had filled the company’s storage tanks to capacity during the shut down.

Rigby congratulated his staff for their dedication and commitment during the shutdown and their enthusiasm to recover production loss.

Poliamba is a subsidiary of the Pacific Rim Plantations Ltd.

October 15, 2004

The National: www.thenational.com.pg/

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