Sunday 20 June 2021

The Potential of Palm Oil in Nicaragua

African palm oil worker

TODAY NICARAGUA – Twenty two thousand hectares are devoted to growing palm in the country, and investments of US$150 million are planned for maintenance of existing plantations and new ones in the coming years.

The 22,000 hectares of African palm currently produce 70,000 tons of crude oil which are destined for local consumption and export. In 2016 the revenue generated from sales abroad totaled US$33 million, 13% more than in 2015.

Marlon Perez Miranda, manager of the Association of Producers and Processors of Palm Oil (Capropalma) told Laprensa.com.ni that “… ‘Forecasts for this year are to export about thirty thousand tons of crude oil, but investments have already been made to add value to production, i.e. that part of the production that is already being refined and packaged because the goal is to be self-sufficient, because Nicaragua has the capacity to be self sufficient and also to export’.”

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“… According to the National Plan for Production, Consumption and Trade, depending on weather conditions in the agricultural cycle 2016-2017, between 70,000 and 74,000 metric tons of crude palm oil will be produced. But there are also 9,200 hectares (about 6,440 fields) that are in development. At least eighty percent of these areas belong to six major established companies, which are also the companies who two years ago founded Capropalma.”

Article originally appeared on Today Nicaragua and is republished here with permission.

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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Article originally appeared on Today Nicaragua and is republished here with permission.

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