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05 Mar 2019, Gergana Bencheva, EMIS Editor

Malaysia, China ink palm oil deal for USD 891m

Malaysia and China have inked a palm oil purchase deal estimated at USD 891 million, The Edge Financial Daily reported. The contract envisages the export of 1.62 million tonnes of palm oil from Malaysia to China.

The move is expected to boost Kuala Lumpur’s palm oil industry and help it reduce its stockpile. In detail, the agreement involves four purchase intent documents signed between three Chinese and four Malaysian companies.

In 2018, China was Malaysia's second biggest importer of palm oil and palm-based products. Last year, Kuala Lumpur exported 3.07 million tonnes of palm oil and palm products to Beijing, which was a 7.3% increase in comparison to 2017, The Edge Financial Daily noted.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: The Edge Financial Daily