The investment Incentive Agreement sent by Liberia’s President Weah to the Liberian House of Representatives in favour of Fouani Brothers Corporation for the construction and operation of a crude oil palm refinery has been approved.

The Agreement was unanimously approved by the House of Representatives on Thursday, July 16 2020. The decision was taken by plenary based on a recommendation by its specialised committee which is headed by Rep. Richard Koon of District 11, Montserrado County.

On July 14, 2020, the Speaker of the House, Bhofal Chambers,  set up a specialised committee with representatives from 15 counties to scrutinise the Investment Incentive Act submitted by the President for the Corporation to construct the refinery.

The committee’s report indicated that the refinery will be a $30 million investment that will add value to crude oil palm production in Liberia by producing a lot of currently imported products which include edible vegetable oils, margarine, other processed food products, glycerin and soap noodles.

The report also noted that the investor shall ensure the employment of not less than 25 Liberian nationals within its first five years, in technical and other skilled professional positions in the refinery. Also, on the 10th anniversary of the refinery,  not less than 50 Liberian nationals in technical, financial, administrative and supervisory positions must have been employed.

According to the agreement, the refinery upon completion will process 13,000 metric tons of crude palm oil per month of edible vegetable and the derivatives from the oil. This will be enough for domestic consumption and export to the Mano River Union and other neighbouring countries.

Excerpt from the Committee’s report:

“The Lack of skills by the youthful population to enable it fit the job market is one of the main factors responsible for unemployment. The committee sees the Fouani Brothers Corporation Investment Incentive Agreement as an opportunity to addressing the high unemployment rate in the country.”

The refinery will create employment opportunities for Liberian citizens and will attract more foreign investors to consider setting up investments in the country as it is an investor-friendly environment and a safe space for business. The refinery will also create indirect employment to hundreds of Liberians.