New Britain Palm Oil buys eco-friendly plantations

New Britain Palm Oil today spent $175 million (£113 million) on new plantations in a deal that means it can guarantee oil it provides to image-conscious food and cosmetics manufacturers is from 100 per cent sustainable sources.

The deal came as Unilever blacklisted a second palm oil supplier in as many months after damaging revelations the Dove soaps-to Flora giant used oil from illegally cleared rainforest land.

New Britain's takeover of 80 per cent of CTP gives it 25,000 hectares of plantations in Papua New Guinea and enables it to offer enough oil to supply the whole UK food industry from a Liverpool refinery it is opening next month. United Biscuits, Jordans and Ferrero have already signed up to supply agreements.

The Malaysian government owns 50.6 per cent of New Britain, currently capitalised at more than £700 million.