1/08/05 KUALA LUMPUR, (Bernama) -- One-stop business-to-businesselectronic exchange company, Oilpalmworld Sdn Bhd, will launch an Internetportal for all commerce functions of the global palm oil industry onAugust 8.

Its managing director John K. Kuruvilla said the launch would be held inconjunction with Commodity Week 2005 organised by the PlantationIndustries and Commodities Ministry from August 8 to 12.

He said the portal would provide a borderless e-commerce platform for itsusers to carry out day-to-day business transactions round the clock.

"It makes buying and selling simple. Users are also able to search for newbuyers for their products and the whole process is made very simple, quickand transparent at lower cost," he told Bernama in an interview here.

He said the e-marketplace would create a successful e-community for theglobal palm oil industry and establish Malaysia as the electronic hub forthe industry and traders, buyers, sellers, plantation owners, refiners,traders, brokers, consultants, equipment manufacturers, fertilisermanufacturers, bankers, insurers, government agencies and other userswould benefit from the portal, he added.

According to Kuruvilla, the company has invested RM6.2 million in thefirst phase of the portal's development.

He said among the services that would be provided in the first phase aree-trading, e-procurement and market intelligence.

He added that the second phase would cost RM10 million which includedresearch and development (R&D), marketing and capital expenditure.

Work on the second phase is expected to be completed in one year's time.

Oilpalmworld currently has 526 registered users from 59 countries,Kuruvilla said, adding that the website received an average of 20,000 hitseach day. The portal is accessible at www.oilpalmworld.com

He said during the portal launch next month, the company would hold adialogue session to highlight Malaysian agricultural productivity,challenges of e-trading, market intelligence, e-procurement andcarbon/emission trading.

The dialogue session is targeted at those in the plantation industry. Theportal is accessible at www.oilpalmworld.com

-- BERNAMA