MARKET DEVELOPMENT
China firms investing RM6bil to manufacture palm oil products
China firms investing RM6bil to manufacture palm oil products
26.07.2022 (www.freemalaysiatoday.com) - KUALA LUMPUR: China’s state-owned companies that have invested in the production of palm-based products in Malaysia will collaborate with Malaysian firms as well as the Malaysian Palm Oil Board.
Prime Minister Ismail Sabri Yaakob said the products are hydro-treated vegetable oil (HVO) and sustainable aviation fuels (SAF).
The Chinese companies, Shanxi Construction Investment Group Co and the Institute of Coal Chemistry, Chinese Academy of Sciences, have invested RM6 billion into the project.
Their Malaysian partners are Benalec Holdings Bhd’s subsidiary Pengerang Maritime Industries Sdn Bhd and Sabah Oil and Gas Development Corp.
“The joint venture is expected to create 1,000 job opportunities,” Ismail said during the opening ceremony of the Malaysia International Agricommodity Expo and Summit 2022 today.
He said the development of the maiden HVO and SAF plant in Malaysia is an initiative to drive the palm oil sector to make them high-tech and high-value industries.