KUALA LUMPUR: Malaysia hopes to maintain palm oil stocks at about two million tonnes from the 2.49 million tonnes recorded as at end-Sept by implementing replanting incentives and minimising imports.
Minister of Plantation Industries and Commodities Datuk Amar Douglas Uggah Embas said the replanting incentives, to be implemented on Oct 1, aims to reduce by 83,000 hectares, the area planed with oil palm and drop production by 250,000 tonnes.
“We will also minimise palm oil exports until our stocks reach about two million tonnes. This is a temporary measure and we do not have a timeline for the target.
“To strengthen long-term palm oil prices, Malaysia and Indonesia, which together account for 85 per cent of global production, will also implement a higher blend of biodiesel programme,” he said.
He said this at a press conference after officiating the International Palm Oil Congress and Exhibition (PIPOC) 2015 here today. – BERNAMA