FGV group president and CEO Datuk Zakaria Arshad said it is currently exporting over 300,000 MT of crude palm oil to China.
“We have a few plans with Sinograin. First is to import cooking oil to China. Yesterday, we concluded the quantity to be distributed into the China market,” he told reporters on the sidelines of MSM Malaysia Holdings Bhd’s (MSM) AGM today.
“Secondly, we plan to use our Dongguan facility, a refinery and storage which Sinograin will use to store olein imported from FGV and produce blended oil for the China market,” he said.
Zakaria said China will become FGV’s biggest export market for palm oil, following the implementation of the collaboration.
FGV and Sinograin, a wholly owned subsidiary of China Grain Reserves Corp, signed a memorandum of understanding (MOU) to explore the feasibility of supplying and distributing palm oil products to penetrate China’s midstream and downstream market.
Source: The Sun Daily