22/05/2008 (The Edge Daily), Kuala Lumpur - Asiatic Centre For Genome Technology Sdn Bhd (ACGT) has completed the first draft of the oil palm genome sequence, bringing it closer to achieving a higher crude palm oil (CPO) yield of up to 30%.

“Completion of the first draft sequence of the oil palm genome and progress on the jatropha genome are significant milestones towards the genetic improvement of these inherently high-yielding oil crops,” said Asiatic Development Bhd (ADB)chief executive Tan Sri Lim Kok Thay said.

ACGT is a subsidiary of ADB, which is a member of the Genting group. The announcement of the first draft was jointly made at the World Congress on IT (WCIT) here yesterday by ADB and Synthetic Genomics Inc (SGI), a privately held US company dedicated to commercialising genomic-driven solutions.

Speaking to reporters at the announcement ceremony, Lim said Asiatic operated the world’s largest experimental jatropha farm but would only go into commercial plantation development once it got a better sense of the potential of the crop.

He declined to comment on Asiatic’s financial projections for the year but said he expected the figures to be an improvement from last year’s revenue of RM906.4 million based on higher oil palm prices this year.

Asiatic, which is 55% owned by Genting Bhd, currently has a land bank of 66,000 hectares. It is developing another 98,300 hectares in Indonesia on a joint-venture basis. It produces about 270,000 tonnes of crude palm oil annually and also owns five oil mills with a total milling capacity of 235 tonnes per hour.

ACGT chief executive officer Derrik Khoo Sin Huat said the genome technology could translate into higher yield of up to 30%.

“A 30% increase in yield at last year’s crude oil palm prices will give an extra RM12 billion in revenue to the country,” he said.

The calculation was based on sales of RM40 billion worth of crude palm oil (CPO) from a total national CPO production of 15.8 million tonnes and a selling price of RM2,530 per tonne.