A NEW £18m palm oil processing plant is on course and on budget to open this spring, with the first of eight annual shipments already en route from Papua New Guinea.

New Britain Palm Oil has created almost 30 new jobs in its latest six-acre facility on Bootle’s Regent Road.

The London-based company revealed in annual results to December yesterday that construction is nearing completion, and the facility is now staffed and will be ready to start operations, as planned, this spring.

Last year, the firm signed a £66m deal for the plant to supply United Biscuits and recently clinched another contract for Liverpool to supply Bedfordshire biscuit and cereal maker Jordans.

New Britain specialises in traceable palm oil supplies from sustainable sources.

Its results showed a fall in sales from £228m to £210m and a decrease in pre-tax profits from £69m to £55.3m, due to lower prices for palm oil in 2009.

It also revealed a £113m deal for an 80% stake in a Papua New Guinea palm oil producer, which will boost its overall capacity.