China to double imports of Malaysian palm oil - PM

NANNING: China's imports of Malaysian palm oil will double to 500,000 tonnes a year from the current 250,000 tonnes following the exchange of a memorandum of understanding (MoU) between Sime Darby Oils International Ltd (Sime Darby Oils) and GuangXi Beibu Gulf International Port Group (GuangXi Beibu Gulf).

Prime Minister Datuk Seri Anwar Ibrahim and several other ministers witnessed the MoU exchange in conjunction with his one-day working visit to Nanning, China.

He said the MoU will help to protect the interest of oil palm smallholders and producers alike.

"This is a perpetual agreement with China, which is a huge achievement for the parties involved," he said during his visit to the 20th China-ASEAN Expo (CAEXPO).

The MoU would also see the joint development of a refined palm oil and fats distribution and trading centre in Qinzhou, China, by Sime Darby Oils and GuangXi Beibu Gulf, with exports estimated to be worth RM2.5 billion.

-- BERNAMA