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Siti Safura Masiron


The Malaysian Insight



FGV praises German envoy for opposing EU palm oil ban

12.02.2018 (The Malaysian Insight) - FELDA Global Ventures Holdings Bhd (FGV) has applauded German Ambassador to Indonesia Michael von Ungern-Stenberg for voicing his disagreement with the European Union’s ban on palm oil.

“I am glad to see that more EU countries are finally speaking out against the discriminatory measure involving palm oil.

“I applaud him (von Ungern-Stenberg) for his firm stand on this cause and appreciation for Indonesia’s sustainability efforts,” said group president and chief executive officer Zakaria Arshad on Twitter today.

The Netherlands recently became the latest EU member, after the UK and Sweden, to voice disagreement with the ban.

Foreign Trade and Development Cooperation Minister Sigrid Kaag said the Dutch government commended Malaysia for its efforts to make palm oil more sustainable without undermining the livelihood of smallholders.

Malaysia is continuously engaged in talks with EU countries, to oppose the proposed ban by the European Parliament.

Local industry players have been urged to speed up the process of obtaining the Malaysian Sustainable Palm Oil (MSPO) certification to support the image of the industry globally.

FGV is on track to earn premiums for its certified sustainable palm oil products in the first quarter of this year.

The company recently announced that it had received the Roundtable Sustainable Palm Oil (RSPO) Principles and Criteria certification for eight mill complexes at the end of last year, following its voluntary withdrawal from the RSPO certification in May 2016.

FGV will be able to access markets in the EU and North America, as well as other customers seeking certified palm oil products.

The company also plans to obtain RSPO and MSPO certification for its 70 palm oil mill complexes by the end of 2021.

As at 4.20pm today, FGV shares rose one sen to RM1.88, with 3.33 million shares transacted. – Bernama, February 12, 2018.