Palm oil stockpiles in Malaysia, the world’s second largest grower, are expected to drop to below 1.8 million tonnes in February 2009, but palm oil prices remain stable, Plantation Industries and Commodities Minister Datuk Peter Chin Fah Kui said.
“Biologically, stockpiles of this commodity will decline in February as palm is producing less. Also, there is only 28 days in February,” he told reporters after witnessing the signing of a licence and technical agreement between OCNED Water Technology Sdn Bhd and Japan’s Sumitomo Heavy Industries Environment Co Ltd (SHI-EV) in Petaling Jaya yesterday.
Analysts are predicting that palm oil stockpiles may decline in February as production falls.
They said palm oil reserves may have dropped to as low as 1.7 million tonnes in February from 1.83 million tonnes in the previous month.
Output will also likely fall by as much as 10 per cent from 1.3 million tonnes produced in January.
Nevertheless, planters would still gain handsome profit from the current price of RM1,800 per tonne, said Chin.
“If the current price is at RM1,800 to RM1,900 per tonne, those planters of a matured farm would still make money,” he added.
Chin also urged palm oil millers to implement biogas trapping technology in order to reduce methane emission, which contributes towards global warning.
There are currently 406 palm oil millers in the country, but most are too slow in implementing or investing new technology or system that are environment-friendly.
“It is important for them to invest in new technology that are eco-friendly so that their products would continue to enjoy market access to the European and US markets, which are currently imposing various directives to ensure the products that they import are of certain standards, particularly those concerning environment,” he said.
He lauded the effort taken by OCNED and SHI-EV in trying to develop a biogas trapping technology in the palm oil industry is Malaysia.
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