LG International ventures into Palm Oil in West Kalimantan
LGI purchased a 16,000-ha palm farm in Sekadau, West Kalimantan, Indonesia. It invest USD27 million to establish a local subsidiary and take over 100% stake of the palm farm.
LGI plans to plant palms starting next year and to begin harvesting palm fruits in 2013. Also, LGI will construct a palm oil processing factory in the farm by 2011 and begin productions in 2012. The company looks to produce an average volume of 80,000 tons of palm oil every year.