LONDON (Alliance News) - DekelOil Public Ltd Wednesday said it is looking to procure and establish two additional sites over the next three to six months at its 51%-owned vertically integrated palm oil project in Ayanouan, Ivory Coast, due to the performance of its two existing hubs.
In a statement, the West African focused palm oil producer said its second hub site, which began operations in mid-July, continues to gain traction among local smallholders. The company added that the first hub site is now well established.
DekelOil said it has bolstered its logistics and transportation framework during the low harvesting season. It said a key part of that strategy is the establishment of a series of logistics hubs surrounding the mill in order to facilitate the collection of higher quantities of fruit harvested.
"We have used the low harvesting season to expand our logistics operations in the area around our first project in Côte d'Ivoire. Based on the results seen to date, we are confident that [crude palm oil] production at our mill, which with a capacity of 70,000 tonnes per annum is one West Africa's largest, will continue its upward trajectory over the course of the upcoming high season and beyond."
DekelOil said it will provide a quarterly production update covering the three months to the end of September in early October.
In addition, DekelOil has applied for the listing of 6.6 million new shares following the exercise of share options under the company's Israeli employees' share ownership and option plan.
DekelOil shares were Wednesday quoted down 1.7% at 1.45 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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