Fiji Pine Ltd. Eyes Export Possibilities To US

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Joint venture with US firm expected to bring in $2 million a year

SUVA, Fiji (Fijilive, Jan. 19, 2014) – Fiji Pine Limited is aiming to take advantage of the high global demand for pine resin by increasing quality of resin to its export markets.

And to boost its export in the US market which is expected to rake in more than $2m into our national coffers from 2015, Fiji Pine Limited has entered into a joint venture with US based company Callison Pacific Pine Chemicals.

Fiji Pine board chairman Faiz Khan said pine resin is a very highly demanding commodity and there is always a spike for this product globally which they are hoping to take advantage of.

"The venture between Fiji Pine and Callison Pacific has been successful and if all goes according to plan from this venture, Fiji Pine will receive an expected revenue of $US2 million ($F3.81m) per year from 2015 onwards." Khan said the venture had seen the creation employment opportunities for 600 Fijians and more money for land owning units.

"Of all gross proceeds from the resin, Fiji pine returns 12 per cent to land owning units however we need a little bit time to grow just like any business and this is in addition to the ground rent over the lease and the employment opportunities.

This is a very important point of the partnership model between Fiji Pine and the landowners," he added.

The price for Fiji’s pine resin is set at $US 100 ($F190.48) per metric tonne of net resin which excludes water and waste.

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