PNG PALM OIL COMPANY LANDS MAJOR CONTRACT

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European Ferrero Group signs five-year deal

PORT MORESBY, Papua New Guinea (PNG Post-Courier, October 12, 2009) – PNG’s leading palm oil company has done a deal with one of the world’s most successful chocolate manufacturers.

New Britain Palm Oil Limited (NBPOL) has entered into a five-year supply agreement with Ferrero, a world leading confectionary company with a reputation for paying special attention, respect and care to a clean global environment.

NBPOL through its sole agent Pacific Rim Plantations Services Limited will supply fresh sustainably produced palm oil for the long term to the big name company.

The Ferrero Group based in Italy and Luxembourg is renowned for producing high quality confectionary (sweets) like Tic-Tac, Nutella, Rocho and Kinder that are loved by millions of consumers worldwide.

Nick Thompson, the chief executive of NBPOL, announced in a press statement that NBPOL was delighted to be working with Ferrero to supply them for a long term with sustainable palm oil products and to further develop their relationship.

"The agreement will enable NBPOL to supply Ferrero with palm oil products originating from its fresh high quality, sustainable crude palm oil," Mr. Thompson said.

New Britain Palm Oil operates 44,500 hectares of oil palm plantation in PNG’s West New Britain province that are certified as conforming to the Roundtable on Sustainable Palm Oil’s (RSPO) principles and criteria on sustainability.

Alessandro Cagli, who is the corporate social responsibility director for the Ferrero Group, when commenting said: "Not only does this supply agreement with New Britain Palm Oil Limited underline Ferrero’s commitment to sourcing ethically and sustainably produced raw materials where possible but it also emphasises our dedication to selecting the finest material for confectionary products enjoyed by our consumers worldwide."

NBPOL has had an international reputation for leading the oil palm plantation industry in all aspects of plantation management. The Ferrero Group has 36 operating companies worldwide with 18 factories and 20,000 employees.

Thompson said the agreement with Ferrero is direct with an end user of NBPOL’s palm oil products rather than with an industry intermediary.

The agreement enables Ferrero to gain better control of its supply chain and to enable NBPOL to specifically tailor its products for major consumption, the two companies said in a joint press statement.

Ferrero is popular worldwide for producing high quality confectionary using the finest of raw materials with an artisan’s attention to detail, respect and care for consumers and the environment. Ferrero is also the world’s most reputable company of 2009 according to the Global Reputation Pulse survey.

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