Nagnobay Bank is considering lending about 2 billion kip to a joint investment venture to establish a palm oil processing plant in Champassak province. The small plant will be located between Bachiangchaleunsouk and Pathoumphon districts. It will produce crude palm oil to supply an animal feed factory in Xaythany district, Vientiane, after a purchase agreement was signed recently. The investors have been preparing for the project for over two years, “Palm oil is the new investment area of the province.” The plant will have the capacity to produce oil from 50 tonnes of palm nuts per day, which will yield up to 30 percent crude oil. The plant also plans to produce biodiesel for supply to local farmers in the future. If the business goes well, it will also produce cooking oil. Nagnobay Bank is considering lending about 15 billion kip to a local businessman to building a cassava processing plant in Borikhan district, Borikhamxay province. The plant would cut and dry cassava before distributing it to local and international suppliers because there is high demand for dried cassava not only in Laos, but also in China, Japan, Korea and Vietnam.
Source: Vientiane Times
