KUALA LUMPUR, Sept 4 (Reuters) - Malaysian palm oil producer Golden Hope Plantations Bhd said on Monday it plans to jointly produce biodiesel with South Korea's H-Plus Bio Ltd.

The two firms will set up a plant in Yeosu, South Korea with a capacity to produce at least 150,000 tonnes of biodiesel a year, using palm-based products as the primary feedstock, Golden Hope said in a statement.

Terms of the joint venture are being finalised.

Golden Hope has started commercial production of biodiesel from its first plant in Malaysia, and is building two more biodiesel plants in the country and one in the Netherlands.

Biofuel plants are proliferating as nations seek ways to cut their dependence on crude oil, reduce greenhouse gas emissions and boost agriculture.