Ferrero, the confectionery giant, has struck a deal to source “significant quantities” of sustainably produced palm oil.
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London-listed New Britain Palm Oil (NBPO) said today (8 October) that the deal avoids using an industrial intermediary, which the company claimed would give Ferrero “better control of its supply chain”.
NBPO said the structure of the agreement would also help it “specifically tailor” products for a major customer.
NBPO said its operations in Papua New Guinea are certified as conforming to the Roundtable on Sustainable Palm Oil’s (RSPO) Principles and Criteria on sustainability.
Under its deal with Ferrero, NBPO said it would further invest in its refining equipment to produce the products in Papua New Guinea.
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By GlobalDataAlessandro Cagli, Ferrero’s corporate social responsibility director, said the deal “underlines [our] commitment to sourcing ethically and sustainably produced raw materials”.
