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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

27/04/2002

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

NULL

CATEGORY

HEADLINE

MPOA wants greater flexibility in tax-free exports
26 April 2002 (Business Times) - THE Malaysian Palm Oil Association (MPOA)wants the Government to be more flexible in issuing quotas on duty freeexports of palm oil.Its chairman Tan Sri Abdul Khalid Ibrahim said for 2002, the allocationfor duty free exports was announced at 1.3 million tonnes, divided intotwo tranches.“This has been found to be restrictive as it does not allow the selectedcompanies the flexibility to sell forward,” Abdul Khalid said at the thirdannual general meeting of MPOA early this month.The Government had in year 2000 allowed between five and seven companiesto export 500,000 tonnes of the commodity tax free to counter low prices,weak demands and intense competition from the world’s other 16 edibleoils.A brainchild of Primary Industries Minister Datuk Seri Dr Lim Keng Yaik,the quota is announced twice a year in January and June and selection ofcompanies and amount of palm oil vary from one announcement to the other.Dr Lim has never revealed the identities of the companies for fear ofbeing accused of favouritism as well as price manipulation of palm oil aswell as the company’s share prices.But traders put them as Golden Hope Plantations Bhd, Sime Darby Bhd, PasirGudang Edible Oils Group, Felda, IOI Corp Bhd, Kwantas Corp and KualaLumpur Kepong Bhd.“The quota allocated has to be utilised within a fixed time frame. It isimportant that the selected companies should be given flexibility toexercise their quotas according to prevailing market developments,” saidAbdul Khalid.“European buyers who traditionally prefer palm oil are always buyingahead, as far as six to 12 months forward,” said Abdul Khalid who is alsoKumpulan Guthrie Bhd chief executive.“With the current scheme in place the palm oil market would again becapitalised by our neighbouring competitor who has a flexible exportpolicy. This is an issue we will be taking up with the minister,” saidAbdul Khalid.Meanwhile, an industry observer said the current scheme does not allowMalaysian companies to commit to buyers.“Let’s say a buyer wants palm oil in March 2003. The Malaysian company canonly wait for the quota announcement in January 2003,” said the source.“Even then the company will not know whether it is selected this timearound and if it is, what is the quota?,” he asked“Furthermore, the scheme is introduced when prices are low. Now thatprices are good will the Government still carry on with the scheme nextyear?” asked the source.Abdul Khalid, meanwhile, said prices of palm oil have picked up and theindustry is looking hard at improving yields in which production hasincreased by 8.15 per cent from the year 2000 especially with newlyplanted areas coming on stream in Sabah and Sarawak.He added that prices of most vegetable oils and fats in the world marketfell markedly in 2001.This was due to larger supply and stock levels and prices of crude palmoil last year was RM 893 a tonne and this did not compare favourably withthe average price for year 2000, which stood at RM 993 per tonne.“Palm oil was traded at US$68 (US$1 = RM3.80) cheaper to soyabean oil in2001 compared to US$28 in year 2000.“Despite the lower average, what is significant is the steady improvementin prices at RM1,150 a tonne currently with good prospects in the secondpart of the year,” said Abdul Khalid.The association groups 96 plantation companies with a combined landbank of1.6 million ha.(The informations and opinions expressed in this article represent theviews of the author only. They should not be seen as necessarilyreflecting the views of Palm News)

$SIG$Form:INetSendTo: .$StorageTo: .RecipientGroupsExpanded: palmnews_group$Mailer: Lotus Notes Release 5.0.1b (Intl) 30 September 1999$MessageID: INetFrom: rodzi@commserv.mpob.gov.myPostedDate: 26-04-2002 10:48:53 AMRecipients: ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,CN=Ab Halim Ismail/OU=BRANCH/O=MPOB@MPOB,CN=Ab. Malek Nanti/OU=BRANCH/O=MPOB@MPOB,CN=Ab. Rahman Haji Mohamed/OU=BRANCH/O=MPOB@MPOB,CN=Abd. Jalil Murad/OU=BRANCH/O=MPOB@MPOB,CN=Abdul Aziz Jaffar/OU=BRANCH/O=MPOB@MPOB,CN=Abdul Khalil Mohamad Nor/OU=BRANCH/O=MPOB@MPOB,CN=Abdul Rahim Abdullah Sani/OU=BRANCH/O=MPOB@MPOB,CN=Abdullah Hashim/OU=BRANCH/O=MPOB@MPOB,CN=Adrein Tubong/OU=BRANCH/O=MPOB@MPOB,CN=Ahmad Abduh Yaman/OU=BRANCH/O=MPOB@MPOB,CN=Ahmad Saghir Baharan/OU=BRANCH/O=MPOB@MPOB,CN=Ahmad Zuraimi Ab. 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