Nicaragua: the ideal destination for palm oil investments
With an investment that amounts to US$13 million, the foreign company Extraceite S.A. opens today its first palm oil extraction plant in Nicaragua.
Managua, Nicaragua; October 14, 2016
With an investment that amounts to US$13 million, the foreign company Extraceite S.A. opens today its first palm oil extraction plant in Nicaragua. This is the second investment of Palma San José Group in Nicaragua, which has invested over US$50 million in the country.
Located in El Rama, Nicaragua, 292 km east of the capital, Extraceite will supply both the local market as to other Central American countries, the United States and Mexico. The opening ceremony of the plant was chaired by the Minister-Delegate for Investment Gral. Alvaro Baltodano, and the company’s board members.
Extraceite has the latest environmentally – friendly technology. The Company has, for example, a treatment plant wastewater, as well as programs pointing to a philosophy of total conversion and zero waste. In this regard, the company has a continuous sterilizer -the only one in the country and in the region -, which allows standardization of quality in the oil; a boiler which uses fiber palm fruit to generate clean energy in a sustainable manner; as well as innovative technologies for composting processing. With this new project Extraceite will process 30 tons of palm fruit per hour and in the near future, more than 60 tons per hour.
In addition to their commitment to the environment, Extraceite is implementing social programs to benefit the community El Areno, where it is located. The company has invested in the drinking - water system of the area and it is committed to the renovation of the school in the same community. Likewise, the company is in the process of establishing a foundation to meet the primary needs of their employees.
In Nicaragua, there are about 30,000 hectares of African palm, of which about 10,000 have been established in the last four years. These projects generate between 4,500 and 5,500 direct jobs in the regions of Southern Caribbean and Rio San Juan. It is estimated that 70 percent of the production of palm oil of Nicaragua is exported to Mexico.
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