By Maryam Cockar
Date: Friday 17 Mar 2017
(ShareCast News) - AIM-listed Equatorial Palm Oil's tax and duty free allowance has been extended for a further five years by the government of Liberia following slower production development at its sites in the country.
The palm oil producer's agreement with the Liberian government extends the concessions reached in 2008 for its subsidiaries in the country for the development of two existing oil palm estates at Palm Bay and Butaw.
The original 50-year concession agreements became effective on 6 August 2008 and subsequently the company's Liberian subsidiaries, Libinc Oil Palm and Liberia Forest Products, were granted certain tax- and duty-free status for the first seven years of its operations.
EPO said that, due to factors outside of its control, there was slower than planned development of the concession areas, and the government has now approved an amendment to the concession agreements for the subsidiaries.
The initial seven year term was extended by a further five years from 27 February for Libinc Oil Palm and 14 March for Liberia Forest Products and the concession agreements have also been extended by a similar period will now end on 6 August 2063.
Executive Geoffrey Brown said: "The sustainable palm oil business is a long-term commitment to the government of Liberia and its people and the company continues with its unwavering support to reinvigorate the agricultural industry through partnering with all stakeholders."
Shares in Equatorial Palm Oil were up 3.7% to 3.50p at 0908 GMT.
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