Palm oil subsidy for industriesMonday, 26 February 2001 : The Government will subsidise palm oil used bypower plants and the industrial sector to help stabilise the price of thecommodity, Primary Industries Minister Datuk Seri Dr Lim Keng Yaik said.

He said the subsidy would be similar to the aid given to smallholderswilling to undertake replanting.

"We will encourage factories and power plants to use palm oil instead ofdiesel and other fuels," he told reporters after flagging off participantsin the Hong Leong Foundation Charity Run 2001 at Padang Astaka in Sitiawanyesterday.

He said the subsidy would be given to companies willing to use palm oil asan alternative fuel, including Tenaga Nasional Bhd, which operates severalpower plants.

Last Monday, Lim had announced the ministry's proposal for a RM1,000incentive for every hectare of oil palm which is replanted.

He said the announcement had led to a surge in the price of crude palm oilfrom RM680 to RM730 a tonne.

"However, we cannot maintain the price as the commodity has to competewith about 16 types of vegetable oil in the international market.".

The ministry wants the price of palm oil to be on par with soybean oilwhich costs RM950 a tonne, he said.

Lim, who had returned on Saturday from a visit to Indonesia, said thecountry agreed to join Malaysia in seeking an increase in palm oil exportsto India and China.

"I discussed with six Indonesian ministers and they agreed that we shouldexplore new markets in the two countries," he added.

He hoped that with the new approach, the price of palm oil could beincreased to an acceptable level.

NSTP

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