With an investment amount of US$13 million, foreign company Extraceite S.A., inaugurated in 2016 its first palm oil extracting 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, Managua, Extraceite supplies both the local market as to other Central American countries, the United States and Mexico.
According to Carlos de Franco, CFO of Extraceite, "Nicaragua is the country with the largest area available for the cultivation of palm oil. It has the most competitive costs in the agricultural sector, a solid legal framework and fiscal incentives for the long term."