13/09/06 (The Star)  -  KUALA LUMPUR: The outlook for the palm oil industry is bright owing to greater consumer acceptance of its nutritional value as well as a viable source for biodiesel, said Malaysia Oil Scientists' and Technologists' Association (MOSTA) president Tan Sri Augustine S.H Ong.

Ong said there was wider acceptance of palm oil by consumers in North America and Europe for its high quality, versatility and cost effectiveness.

“The nutritional goodness from palm oil rivals canola and olive oil from the Mediterranean, notably in terms of vitamin A, E and tocotrienols,” he told reporters at the Oils & Fats International (OFI) Congress 2006 with the theme, “Changing Scenarios for Oils and Fats” yesterday. The event, which was organised by MOSTA,

About 80 local and foreign exhibitors and more than 400 industry players attended the biannual three-day congress which ends tomorrow.

Ong said the extraction of palm oil micronutrients could be a viable component for biodiesel. 

However, he said while the rapid change in the energy scenario was expected, the lack of preparedness and slow response to downstream industrialisation had contributed to many lost opportunities for producers.

Guest speaker and ex-Oxford University professor Dr James Fry concurred, saying palm oil extracts could be a viable source for biofuel.