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By Luis Jaime Acosta
BOGOTA, Nov 30 (Reuters) – Businessman German Efromovich is ready to invest at least $50 million to expand a palm oil company in the north of Colombia, building on his previous investments of $150 million, he told journalists on Wednesday.
Efromovich, 72, is one of the shareholders in Hacienda La Gloria, in Colombia’s Cesar department, a palm oil project which spans 8,800 hectares (21,745 acres) and employs more than 1,000 people.
Rights groups say rural communities were violently displaced from the area by illegal armed groups and have started legal processes to return the land to its rightful owners, something Efromovich contests.
“They are looking to question the legality of the land ownership and the intention that the investors have with it,” Efromovich told a media conference in Bogota, while also denying that practices harmful to the environment were being carried out at the site.
Despite the challenges facing the project, Efromovich plans to invest between $50 million and $100 million in La Gloria, which is expected to create at least 500 more direct jobs, he said.
One of the aims of the investment will be the construction of a bio-fuel refinery that can produce between 20,000 and 30,000 barrels per day, depending on demand.
The magnate also expressed an interest in investing in Colombia’s tourism sector via a chain of hotels in which he is a shareholder, without providing more details.
Efromovich, who once played in a key role leading Colombia’s flag carrier Avianca, is also the non-executive chairman of Aeroitalia, which he hopes to see bringing passengers to Colombia and Latin America.
(Reporting by Luis Jaime Acosta Writing by Oliver Griffin Editing by Lincoln Feast.)
((Oliver.Griffin@thomsonreuters.com; +57 304-583-8931;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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