KUALA LUMPUR, Aug 20 (Bernama) -- Palm oil, one of the oldest commoditytraded in Malaysia, is now going online, keeping up with the savvy worldof the Internet with the electronic exchange for palm oil products(ePOMEX) launched here Monday.

It is no longer the tradisional mode of one-to-one communication throughthe use of telephone, fax and telex as ePOMEX enables traders tocommunicate simultaneously with multiple parties, from any segment of themarket or any part of the world, by the stroke of a computer key.

ePOMEX Palm Oil (Malaysia) Sdn Bhd's chairman Datuk Ali Hassan said thatthere were positive response from industry players to this initiative.

"Some leading palm oil producers, such as Golden Hope and AustralEnterprises, have been vocal in their support and endorsement of ePOMEX,viewing the Exchange as timely, necessary and more efficient," he said.

Ali was speaking to reporters after the official launch of ePOMEX byPrimary Industries Minister Datuk Seri Dr Lim Keng Yaik at the 2001International Palm Oil Conference (2001 PIPOC) themed "Cutting-edgetechnologies for sustained competitiveness", here Monday.

--BERNAMA