Deal #1999 Version #89871

3 plantations. 55000ha available for planting. Feronia acquired these plantations by buying 76% of Plantations et Huileries du Congo (PHC, registered in DR Congo). Feronia purchased these shares from Unilever.In 2009, Unilever sold its stake in PHC’s 100,000-hectare (247,000-acre) oil palm holdings to the Canadian company Feronia. Another report states that the company has 107 000ha. One report states that Feronia is starting to plant even in the fishponds owned by the communities.

Palm Oil and Palm Kernel Oil

The leases on the various concessions (80 in total) expire at different times (between 2017 and 2030), all are based on a 25 year revolving lease. Renewal fees range from $1000-2000 per lot. One report states that the company is unable to prove its land rights.

Feronia acquired these plantations by buying 76% of Plantations et Huileries du Congo (PHC, registered in DR Congo). Feronia purchased these shares from Unilever. The land sold by Unilever was overvalued by $6.7 million. Feronia Inc has accumulated losses since the deal. However, directors and managers of Feronia Inc. continue to get paid large amounts. The losses of Feronia Inc are absorbed by the DRC government, being shareholders of the project as well as the continuing finance received from multilateral banks and development finance institutions. One data source states Feronia took the plantations over in 2008. Feronia transferred their shares in the project to other existing parent investors in 2020. It is our impression that altohugh ownership was changed, the original contract remains in force.

Started as PHC in 1911. Plantations suffered neglect (abandonment) from Unilever in the early 2000's. Bought from Unilever in 2009. Environmental and Social Impact assessment to be carried out in 2015 due to the community protests.

Bought the operations from Unilever for $3 854 551

Feronia Inc. refuses to pay revenue taxes, claiming it qualifies for the tax holiday offered by the DRC government.