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News 26711 to News 26720 of about 27389 news within page 2672
26711. 19/03/2002
KUALA LUMPUR, March 18 (Reuters) - Malaysian crude palm oil futuresrelinquished earlier gains on profit-taking and disappointment over slowimports by India, China and Pakistan, traders said on Monday.The new benchmark third-month June contract ended one ringgit lowerat 1,180 ringgit ($310.53) a tonne after trading as high as 1,202 ringgit,which sparked profit-taking. Volume was very heavy at 4,898 lots.Cargo surveyor Societe Generale de Survaillance Malaysia (SGS) Sdn Bhdsaid India, the world's largest edible oil importer, purchased 22,150tonnes of palm oil in March 1-15, down from 53,640 in February 1-15.Imports stood at 16,150 tonnes in March 1-10."SGS data has disappointed a lot of people because it shows littleimprovement in demand by India, China and Pakistan," said one trader inKuala Lumpur.The SGS said Malaysian palm oil exports for March 1-15 stood at429,832 tonnes, up from 302,160 in February 1-15.China was the biggest buyer of Malaysian palm oil for March 1-15,taking 100,410 tonnes, followed by the United States which bought 30,845tonnes and Pakistan with 30,500 tonnes, SGS said.European Union countries bought 78,515 tonnes, it added. Traders saidthe market was cautious on talk from thefreight sector that vessel bookings for shipments from Malaysia/Indonesiato India were estimated to have reached up to300,000 tonnes so far this month.Players said India was looking for palm oil to replenish its dwindlingstocks of edible oil, adding that they expected to see a rise in exportsfrom Malaysia to consuming countries in the second half of March.Traders had said Malaysia's palm oil exports could reach one milliontonnes in March, up from 733,101 tonnes in February.In physical palm oil, the March contract for the southern and centralregions saw bids at 1,175 ringgit a tonne versus offers at 1,180. Tradewas reported at 1,175 for both sides.The April contract for south and central saw bids at 1,180 ringgitagainst offers at 1,185. There were deals at 1,180 ringgit for both sides.
26712. 14/03/2002
13 March 2002 (Business Times) - INDEXgain Sdn Bhd, an authorisedprocurator of a specialised international project funding loan syndicationhouse, is eyeing lucrative palm oil plantation projects in Congo andVenezuela, with a total development cost of US$1.2 billion (US$1 =RM3.80).INDEXgain executive director Jumahat Subaree said the company isfinalising negotiations with several companies to venture into the palmoil industry in these two countries.“We hope to conclude negotiations by the middle of the year,” he said inan interview with Business Times.INDEXgain is currently concentrating on sealing a deal to develop some10,000ha of oil palm plantation in Talakag province in Mindanao in thePhilippines, with a development cost of US$60 million.The company had signed a memorandum of understanding (MOU) with thePhilippines’ Novagreen Industries last year to jointly develop theplantation.Apart from Novagreen, the company also signed MOUs with five othercompanies to develop oil palm plantations in Mindanao, with a totaldevelopment cost of US$234 million.Of the two plantation projects eyed by INDEXgain, Jumahat said theinvestment in Congo is considered huge, with a development cost of US$933million.“The project costs a lot because the land is expensive in Congo. However,the loan requirement for the project is minimal,” he said, adding thatINDEXgain is working with a local company to develop the plantation.In Venezuela, the company is working with a Sarawak company registered inVenezuela to develop the oil palm plantations, with a total developmentcost of US$260 million.“We signed a MOU with the respective parties on May 29 last year. We arearranging a US$200,000 facility loan for the project in Venezuela,”Jumahat said.INDEXgain was formed just a year ago by five professionals andbusinessmen, who jointly took over the company. They are the chairman DrUzir Malik, managing director Kamisan Suja and executive directors Lt Kol(rtd) Tan Ba Too, Nasharudin M. Johar and Jumahat.The company’s associates include Professor Dr Jalani Sukaimi of theMalaysian Palm Oil Board, Ramli Abdul Majid of Technopalm Runding Sdn Bhd,Adnan Ramly of Inovis International Pte Ltd (Singapore), Datuk G.Ramakrishnan of Konsultant Process Sdn Bhd, A. Aziz Darmawi of AzizDarmawi Architect, Khairil Anwar Halim of KAC Architect, Faudziah Shukorof Fasa Engineering Services, Md Noor Haron of Jurukur Bahan Majubina andNik Ahmad Ryad Nik Mohd of Ryad Hassan & Associates.Its legal advisers are Mohd Idris Habib of Mohd Idris & Associates andManian K. Marappan of Marian K. Marappan.INDEXgain provides financial consultation services such as projectfunding, refinancing and acquisition finance.It serves as an exclusive finance consultant to an authorised free andindependent agent of a specialised international project funding loansyndication house registered in Vaduz, Liechtenstein., which forms part of Switzerland’s leading international banking andfinancial centre.Jumahat said that INDEXgain, being close associates with overseasfinancial institutions, will not face problems in getting funds forprojects as long as they are viable.“Thus, we really have to do a comprehensive due diligence to ensure thatfunds from our principal will not go to waste,” he said.On its venture in Mindanao, Jumahat said INDEXgain plans to turn thesouthern Philippine province into an investment haven for Malaysianbusinessmen.“We hope that our presence there will pave the way for other Malaysians tofollow. We are not merely there for our own sake but want others tofollow, which is why we plan to build a township so that others can alsosee the potential of investing in Mindanao,” he said.He added that INDEXgain will manage the plantation but will hand over thecompany to the Filipinos when the time is right.On security in Mindanao, Jumahat said the areas in which the company isinterested in investing are safe from possible rebel attacks.“Our proposed investment areas are located far from all the fighting inMindanao. We are not located in the Autonomous Region in Muslim Mindanaowhere the fightings are centred,” he said.
26713. 13/03/2002
BANGI, March 11 (Bernama) -- The Malaysian Palm Oil Board (MPOB) and theMalaysia Energy Centre have joined hands to increase the public'sawareness of renewable energy as a fuel source.
26714. 12/03/2002
12 March 2002 (Business Times) - MALAYSIA’S 360 palm oil millers shouldtap into the lucrative biomass sector which is largely wasted, and convertthe renewable energy into a potential income earner.Biomass is renewable agricultural waste such as oil palm planting waste,forestry wood waste, cuttings and grass, waste from sawmills, palm oil,wind and solar.Biomass energy is produced through the incineration of agricultural wastein a steam boiler.High-pressure steam is produced and expanded in a steam engine whichgenerates mechanical energy. This energy is then converted into electricalpower at the generator.Primary Industries Ministry secretary-general Datuk Dr Abdullah Mohd Tahirsaid currently only 5 per cent or 20 millers are keen to venture in aGovernment-initiated biomass programme.“Last year, the 360 palm oil millers in the country produced 14 milliontonnes of biomass waste, out of which 8.5 million tonnes was in the formof fresh fruit bunches and 4.3 million tonnes fibre and shell,” he toldreporters in Bangi, Selangor, yesterday.“Only a small percentage of these products was used to produce renewableenergy and a large quantity of them was either dumped in the mill compoundor thrown away,” he said.Abdullah had earlier officiated a seminar on the inaugural roadshow onSmall Renewable Energy Programme (Srep) for the palm oil sector.Also present were Malaysian Palm Oil Board (MPOB) director-general DatukDr Yusof Basiron and Malaysia Energy Centre chief executive officer DrMohd Zamzam Jaafar.The Government through the Energy, Communications and Multimedia Ministryhad launched Srep in May last year, aimed at encouraging the exploitationof renewable energy.Renewable energy has been identified as Malaysia’s fifth fuel resourceunder the Government’s Fuel Diversification Policy. The other fuelresources are fossil fuels, gas, coal, wind and solar.Srep applies to all sources of energy including biomass, biogas, municipalwastes, solar, mini-hydro and wind.“Due to the dominance and abundant availability of oil palm biomass, theindustry is the logical choice to spearhead the Srep,” said Abdullah.The Government has identified biomass from the palm oil sector as a sourceof renewable energy, targeting to generate up to 5 per cent or 700MW ofthe national grid by 2005.“For the palm oil sector to generate 700MW of the national grid, it needsat least an additional 100 millers from the current 20 interestedmillers,” said Abdullah.He added that if a mill has the capacity to produce and supply 5MW powerto the national grid for 10 hours a day, at a rate of 16 sen per unit orRM8,000 a day, a miller stands to earn about RM2.5 million a year.Abdullah said Srep also aims to encourage the palm oil sector and otherindustries, such as rice and paper millers, to achieve zero waste in theiroperations.Abdullah said some of the palm oil millers are already generatingelectricity via biomass, but most use the energy for in-house purposesonly."These millers are small, producing only 1.5MW each. What is needed now isto connect the electricity generated at the mills to the national grid fordistribution,” he said.Abdullah said for a miller to venture into biomass, an investment of lessthan RM10 million is needed to upgrade or buy locally-made generators ormodify existing plants or build new ones.Abdullah said the roadshow will take place in Kuantan, Pahang, on April30; Johor Baru, Johor, on May 28 and Kota Kinabalu, Sabah, on August19-20.Under the Srep, a successful power-generating project is required tonegotiate directly with the relevant power utilities such as TenagaNasional Bhd or Sabah Electricity Sdn Bhd.A power developer, which is capable of converting renewable energyresources into electricity of not more than 10MW, will negotiate allaspects relating to the renewable electricity power purchase agreement,including the selling price on a willing buyer, willing seller basis.The successful renewable energy producer has to register with the EnergyCommission, and will be issued a licence for a period of up to 21 years,effective from the date of commissioning of the plant.
26715. 11/03/2002
11 March 2002 (Business Times) - PROSPECTS of palm oil exports in Chinaimproved further with the country’s entry into the World TradeOrganisation (WTO) but the republic’s climate may cap China’s intake ofthe commodity.LMC International Ltd managing director Dr James Fry said palm oilconsumption cannot increase substantially as refined bleached anddeodorised (RBD) super olein can only be used as a liquid oil in hotclimates.“At the temperatures found in much of China, it becomes cloudy and localconsumers suspect adulteration,” he said in his working paper presented atthe 13th annual palm and lauric oils conference and exhibition last week.The combined direct and indirect imports of all edible oils should rise tonew heights but palm oil’s share is unlikely to increase and expect toremain in the region of 2 million tonnes this year, he added.He noted that China’s formal entry into the WTO last December 12 not onlybenefits palm oil but all edible oils in general.LMC International Ltd managing director Dr James Dr Fry said China’sconsumption of vegetable oils more than trebled from 5.9 million tonnes in1985 to 18.5 million tonnes last year.“By next year, imports of three main oils namely soyabean, palm oil andrapeseed into China could exceed 6 million tonnes,” Fry said. in a workingpaper presented at the 13th annual palm and lauric oils conference andexhibition last week.He added that in North China, palm oil is restricted to uses in frying andas a hard fat.“It already dominates the instant noodle market but in many otherapplications often has to compete with plentiful animal fats.”However, Fry said the outlook for vegetable oil prices will ultimately bedetermined by the overall interaction between production and consumptionworldwide.
26716. 11/03/2002
11 March 2002 (Business Times) - MALAYSIA’S palm oil prices are expectedto touch the RM1,200 a tonne level in April due to tightening supplyattributed to the effects of the El Nino.United Plantations Bhd senior executive director Tan Sri B. Bek-Nielsensaid the rainfall in Peninsular Malaysia from July last year to this monthhas shown an unusually low level which may make the return of the El Ninoa reality.“The return of the drought would have an impact on the crop during thelast quarter of 2002,” Bek-Nielsen said in a working paper at the 13thannual palm and lauric oils conference and exhibition in Selangor onSaturday.“Last Friday, CPO prices increased by RM22 to RM1,142 a tonne while theprice level for June improved by RM12 to RM1,169 a tonne,” Bek-Nielsensaid.Bek-Nielsen’s working paper is entitled “The future potential of theMalaysian palm oil and refining industry in relation to the worlwidesupply of edible oils”.The event is organised by the Malaysia Derivatives Exchange.“Under the influence of a speculative market there could be a gradualincrease in the price of palm oil and the CPO prices are expected to touchRM1,215 a tonne in April and RM1,240 a tonne in June,” he said.Bek-Nielsen added that palm kernal prices are also expected to touch RM560a tonne in April and RM650 a tonne in June.“The above indicated prices are based on the fact that the price levels oflauric oils have been depressed for more than a year.“Assuming that the Philippine’s production of copra as well as Malaysia’sproduction of palm kernel do not show substantial improvement, I believethat the price levels above will not be much removed from reality,” saidBek-Nielsen.He said in spite of the very substantial increase in the production of CPOduring 2001, the production in December showed a drop to 100,000 millliontonnes when compared to November.“It is, therefore, expected that the overall production during 2002 willbe influenced by the EL Nino effect during 2001 as well as during thefirst quarter of this year,” Bek- Nielsen said.He also outlined several factors that can be undertaken to boost CPOprices.“The replanting of between 100,000ha and 150,000ha of old palms whichyield about 3 tonnes per hectare will have a beneficial effect by reducingthe volume from entering the market.He added that the smallholders and members of Felda should be encouragedto submit a replanting proposal to the Government.“The increase in production will result in additional foreign revenuewhich in turn will ensure that the less priviliged members of the ruralsociety enjoy increasing benefits from the higher yielding oil palms.Next, Bek-Nielsen said, the potential yield of CPO must be optimised byappoximately 50 per cent from the present production of 20-21 tonnes perhectare to 31-32 tonnes per hectare.“It is mainly a question of optimising the potential yield of CPO by usingsuperior planting materials and disciplined management.”He said with the application of increasing yield, the production from thesame area may result up to a 50 per cent increase to 17.7 million tonnesof CPO from last year’s 11.8 million.Bek-Nielsen also said the absence of the level playing field in the world’s edible oil market also contributes to low prices at the moment.“I do suport the idea that Malaysian palm oil can compete with soyabeanoil and rapeseed oil in a level playing field market.“However, it is a well known fact that two of the world’s most advancedindustrial areas, namely the US and the European Union countries, found itprudent to ignore the principles of the level playing field and supportstheir farmers last year with several subsidies.”He said the American farmers receive up to 50 per cent of their revenueincome as subsidy from the Government.“For the European rapeseed farmers, their governments subsidise them 48per cent.“It is obvious such policies will not be popular with developing countriessuch as Malaysia and Indonesia.“I harbour the view that it is necessary and timely for members of theMalaysian palm oil industry to sustain the dynamic development which madeit possible for Malaysia to increase its CPO production from 51,000million tonnes in 1951 to 11.8 million last year.”
26717. 09/03/2002
Chinese net imports of oils and fats will continue to rise this season,after they had increased by 0.33 Mn T or 13% in Oct/Sept 2000/01. Highernet imports will be required since domestic production is expected to turnout insufficient, mainly due to the probable shortfall in oilseed imports.Palm oil exports from Malaysia to China accelerated in January andFebruary which indicates that Chinese imports turn out sizably above ayear ago this quarter. China’s importers have stepped up purchasesrecently in expectation of the allocation of quotas. The distribution ofimport quotas, scheduled for this week, has apparently been delayed. Itwill also depend on the timing of the issuing of the import licences towhat extent the earlier agreed palm oil import quota of 2.4 Mn T for 2002will be exhausted.Oilseed imports have been strongly biased towards soybeans at the expenseof rapeseed in the first half of this season. This had interestingimplications for the development of net imports of oils and fats: Importsof soybeans and rapeseed, calculated on an oil basis, declined below ayear ago since the reduction in imports of high oil-yielding rapeseed morethan offset the increase in soybeans. As shown above, we arrive at themopposite result when looking at the development of oilseed imports on ameal basis. As a result, oilseed imports had to be supplemented by an atleast slight increase in the net imports of oils and fats.In the second half of this season, net imports of oils and fats as well asof soybeans and rapeseed (oil basis) will probably decline from a yearago. As in the case of oilmeals, this follows largely from the prospectiveslowdown in oilseed imports, which will probably not be fully compensatedby higher imports of oils as such.However, one should not forget that such a reduction of total net importscan only be accomplished if domestic stocks of oilseeds as well as of oilsand fats are reduced substantially. We currently assume that stocks of themajor oils and fats are reduced by about 0.1 Mn T in the course of theseason 2001/02. This implies an unusually tight stocks/usage ratio of8.1%, versus 9.1% at the end of the preceding season, and leaves little orno leeway for further reductions next season.
26718. 09/03/2002
SHANGHAI, March 8 (Reuters) - China's State Development PlanningCommission (SDPC) is likely to announce the list of qualified applicantsfor this year's farm import quotas by the end of March, an official saidon Friday.The commission said in early February it would announce successfulapplicants for tariff-rate-quotas (TRQs) -- imports under lower tariffs --for agricultural products including wheat, corn, rice, edible oils, cottonand sugar by March 5."We should be able to release it by then," the official told Reuterswhen asked if the SDPC would announce the successful importers ofagricultural products this month.She said there were too many applications this year and the SDPC neededmore time to process them.China's top state-owned grain trading firm, COFCO, also told Reutersthat it had not received any notification on the quotas.The TRQs were announced only in February before the week-long Lunar NewYear holidays, giving little time for buyers to apply and authorities todecide on the successful applicants, traders say.The SDPC said it would announce the following year's quotas inSeptember, but this year was an exception as China only became a formalWTO member on December 11.
26719. 09/03/2002
The countries of the EU-15 are likely to raise their imports of oils andfats by 0.4-0.5 Mn T from a year ago in Oct/Sept 2001/02. This will bringthe total close to a record 5.7 Mn T, compared to 5.2 Mn T one and 4.9 MnT two years earlier (this refers only to imports from third countries andignores trade within the EU). The EU-15 is thereby emerging as the regionwith the steepest increase in import requirements and the largest importdemand in absolute terms, considering that India, the second-biggestimporter, will manage to reduce its imports significantly this season. Thereasons for rapidly rising imports and a likely stagnation of EU oilexports are the highly insufficient production growth on the one hand anda total disappearance that is forecast to grow by 0.3-0.4 Mn T this seasonon the other, probably closer towards the upper end of the range. Thetables on SU 21-61 illustrate the development of crushings of the threemajor oilseeds as well as of oil and meal production until December.Combined production of soya, sun and rape oils declined by 80 Thd T from ayear before in Oct/Dec 2001, but this was more than offset by a boost inpalm oil imports of approximately 160 Thd T in the same period. A recoveryof domestic production is expected in coming months in view of stillrelatively large rapeseed supplies. Given that current expectations of ahigher EU rapeseed production in 2002 materialize this will allow afurther increase in rape oil output, especially from July onward.On the demand side, special factors such as the partial ban on animal fatsin feed manufacturing have contributed to the substantial boost in demandfor palm oil in recent months and will keep import demand at a high levelalso in 2002. The demand for rape oil in biodiesel production has sufferedlately due to its deteriorating competitiveness against mineral oils. Weexpect this to contribute to a significant slowdown of the growth in totalrape oil disappearance this season. Still, biodiesel production widenedthe demand base for vegetable oils decisively in the last two years andthus contributes also to this season’s substantial increase in importrequirements.
26720. 09/03/2002
KATHMANDU, March 6 (Reuters) - India has put a limit on duty free importsof some commodities, including hydrogenated vegetable oil, from Nepalunder a renewed bilateral trade treaty, officials said on Wednesday.Under the pact, signed between officials of the two countries at theweekend, imports of hydrogenated vegetable oil exceeding 100,000 tonneswill attract tariff, they said.Earlier, India allowed all Nepali products except alcohol, cosmeticsand tobacco, unlimited duty-free access under a treaty signed in 1996.India will annually allow from Nepal 10,000 tonnes of acrylic yarn,7,500 tonnes of copper wire and 2,500 tonnes of zinc oxide duty-free intoits market."The export of these goods to India in the excess of prescribed amountwould be subject to normal Indian customs duties as applied to othercountries," Nepal's Commerce Secretary, Bhanu Prasad Acharya, toldReuters.Indian industry has been protesting against duty free imports,especially of hydrogenated vegetable oil or vanaspati, which it says ishurting the interests of domestic industry.India, the world's largest vegetable oil importer, left customs dutieson edible oils unchanged in its federal budget last week but imposed afour-percent special additional duty on imports of vanaspati from NepalNepal's vanaspati was singled out because production costs of the oilare lower as the country levies no import duty on raw materials, mainlycrude palm oil, compared with a 65-percent duty in India.This makes Indian vanaspati manufacturers uncompetitive on their hometurf, traders say.Nepal exported 125,000 tonnes of vanaspati in 2000/01 (mid-July tomid-July).All Nepali products must also have at least 25-percent domesticmaterial or labour content to enjoy the duty free facility in India."This new provision is in the long-term interest of Nepal and will helpsustained growth of our industries," Acharya said.India, Nepal's largest trading partner, accounts for nearly 40 percentof the kingdom's total trade.Officials said following the treaty exports to New Delhi increased to27.30 billion Nepali rupees ($351.48 million) in 2000/01, a more thantwo-fold increase from 12.53 billion rupees two years ago.New Delhi had a surplus of 19.5 billion Nepali rupees in its trade withKathmandu last year.
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Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
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