KUALA LUMPUR, Aug 21 (Bernama) -- Joint-venture opportunity is animportant tool to further expand growth in the palm oil market, saidMalaysian Palm Oil Promotion Council's (MPOPC) head of marketing, FaudzyAsrafudeen Sayed Mohamed.

He said that the need for Malaysia to venture abroad was clearly evidencedwhen Malaysian palm oil was saddled with a high stock situation anddepressing prices in the beginning of the year.

"The situation could have been avoided or minimised had we exploredgreatly the possibility of joint venture activities," he said in his paperon "Joint-Venture opportunites in Palm Oil," at the 2001 InternationalPalm Oil Congress (2001 PIPOC).

The three-day congress organised by the Malaysian Palm Oil Board (MPOB)ends tomorrow.

Faudzy Asrafudeen cited the plantation/refining, downstream manufacturingactivities and distributions as possible sectors to tap joint-ventureopportunity.

He said that MPOPC's studies showed that Asian countries hold the bestrefinery joint venture opportunity.

He said that the concept of expanding the palm oil interest in refiningabroad with foreign partners was an ongoing process.

However, only a few Malaysian companies had taken up this option andventure into Papua New Guinea, Vietham, China and Pakistan, he said.

It might be difficult initially for these companies, but theirperseverance had given them a foothold and market accessibility in thesecountries, he said. -- BERNAMA