First Resources to raise $170 million in IPO; palm oil producer enjoys high prices, good times

In Indonesia, First Resources expects to raise $170 million from an IPO on the Singapore exchange, the company announced. The crude palm oil producer recorded revenues of $84 million for the first half of 2007, up 101.8 percent from a year ago. Profit rose 145 percent to 15.2 million dollars on the impact of rising palm oil prices.

The 13th UN Conference on Climate Change is meeting this week in Bali, Indonesia. Indonesia is the world’s fifth largest producer of greenhouse gases, primarily due to deforestation.

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