LONDON (ShareCast) - (ShareCast News) - Palm oil development group DekelOil has been accepted as an approved supplier to a project aiming to improve the palm oil industry in Ivory Coast.
The Projet d'Appui au Secteur de l'Agriculture (PSAC), which is backed by the World Bank, aims to plant approximately 10,000 hectares of palm oil plantations in the African country, the group said on Tuesday.

DekelOil added the programme also intends to establish a pilot zone in the company's operating area within the end of the year, to improve the quality of the roads and deliver some 5,000 hectares of land suitable for palm oil for smallholder operations.

Under the terms of the deal, PSAC will subsidise half of the expenses related with preparing nursery plants for sale to smallholders, while the London-listed company will allocate 140,000 plants grown at its nursery in Ayenouan in 2015 and 420,000 plants in the following 12 months.

"DekelOil is the first to sign up to this programme in Ivory Coast, and we are pleased to be working in partnership with the World Bank and IFC to expand the local palm oil industry," said group director Lincoln Moore.

DekelOil shares were up 1.90% to 1.07p at 1102 BST on Tuesday.

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