Chinese companies to buy palm oil worth RM3.6 bil from Malaysia

Chinese companies to buy palm oil worth RM3.6 bil from Malaysia

The agreements signed today follow Prime Minister Dr Mahathir Mohamad's request to China to increase its purchase of Malaysian palm oil.

Primary Industries Minister Teresa Kok says the deals will help to reduce the palm oil stockpile and boost the price of the commodity. (Bernama pic)
KUALA LUMPUR:
Chinese companies today signed four agreements to buy 1.6 million tonnes of palm oil worth about RM3.6 billion from Malaysia.

The purchase comes following Prime Minister Dr Mahathir Mohamad’s request to the Chinese government to buy more palm oil from the country.

Primary Industries Minister Teresa Kok, who witnessed the signing of the agreements, said the deals would help to reduce the palm oil stockpile and boost the price of the commodity.

Last year, Malaysia exported 3.07 million tonnes of palm oil and palm products worth RM8.38 billion to China.

Officials said the increase was partly as a result of China’s trade spat with the United States.

Kok had earlier officiated the Malaysia China Palm Oil Business Forum, jointly organised by Malaysian Palm Oil Board (MPOB), Malaysian Palm Oil Council (MPOC) and the Chinese Chamber of Commerce of Foodstuffs and Native Produce (CFNA).

Stay current - Follow FMT on WhatsApp, Google news and Telegram

Subscribe to our newsletter and get news delivered to your mailbox.