Two subsidiaries of a Malaysian company that specialises in building oil palm mills, CB Industrial Product Holdings, has been awarded a contract in Papua New Guinea.
Modipalm Engineering and CBIP (PNG) Ltd won an
US$8 million contract to build a oil palm mill for Ramu Sugar in Gusap valley.
The managing director of CBIP, Lim Chai Beng said the company's current orders from PNG would contribute to
30-percent of its export revenue next year.
Lim told the National newspaper that CBIP and Ramu Sugar signed a contract in Malaysia last week, and that the export income represented 70-percent of CBIP's revenue.
Productivity gains have been made by Ramu Sugar in its various operations in addition to a oil palm diversification programme, requiring an investment of about US$27million dollars.