Demand for Malaysian palm oil to continue, minister
Posted on July 25, 2022
Malaysian Minister of Plantation Industries and Commodities, Datuk Zuraida Kamaruddin, has said that demand for local palm oil would continue to rise globally despite Indonesia’s export levy waive. | Demand Borealis/Axpo Nordic tie-up for wind energy for Swedish plant. Teijin to deploy power cogeneration at Japanese facility. Elix Polymers Spanish plant to use electricity consumption from renewable sources. Wanhua Chemical partners with Agilis for digital portal for TPUs. Mitsubishi Power completes mega power plant in Thailand. Air Liquide, Chevron, Keppel, and PetroChina to explore CCUS in Singapore. NextChem awarded EUR194 mn grant for Italy’s waste-to-hydrogen project. Azeri Central East drilling platform installed in the Caspian.Ineos awards contract to Atkins for low-carbon hydrogen plant at Grangemouth. (EOG) Asia, which has been online since 2014, is a leading online source of industry-specific news and information. It covers key development updates, such as discoveries, exploration and drilling, deepwater and subsea production, and so on. The waste-to-hydrogen project in Italy received a 194 million euro grant from NextChem. EOG FacebookDemand for Malaysian palm oil to continue, minister
Demand | Online since 2014, Energy, Oil & Gas (EOG) Asia
Malaysian Minister of Plantation Industries and Commodities, Datuk Zuraida Kamaruddin, has said that demand for local palm oil would continue to rise globally despite Indonesia’s export levy waive.
Zuraida assured that any suspected market jitters would only be temporary.
“Whatever it is, the world needs palm oil. The only thing is that, of course, our palm oil price will be more expensive than Indonesia’s because they have a sufficient labour force and enough access. Hence, the production is cheaper,” Zuraida said.
The Indonesian government has decided to waive the export levy for palm oil and palm oil products in an attempt to cut high inventories and boost exports. The export levy will take effect from July 15 to August 31, 2022.
Meanwhile, the ministry is optimistic that China would be increasing its palm oil imports and plans to monitor other developments in the palm oil industry.
“The development would affect Malaysia, which is one of the largest producers of palm oil products,” said Deputy Minister Datuk Seri Wee Jeck Seng.
“We will look at this matter seriously because it does affect the export (of Malaysia’s palm oil),” he said.
