Chinese buyers urged to commit to long-term palm oil deals with Malaysia for better prices, says plantation minister

between soybean oil and palm oil is around US$120 (per tonne), so naturally China views soybean oil as an alternative for their domestic use.” “Therefore, I advise (palm oil buyers from China) to meet and negotiate with Malaysian industry players. If they are able to commit to purchasing (palm oil) over a one-year period, they may be able to obtain a discount,” he told reporters after a dialogue session with palm oil buyers from China here today. Johari also urged Chinese companies to come to Malaysia and establish a presence here by partnering with Malaysian investors. “China has extensive technological capabilities across the upstream, midstream and downstream segments, as well as strong research and development that is driving new applications and recognising the benefits of palm oil.” “Therefore, with such joint ventures, they can become truly Malaysian companies and owned together with local investors. From there, the global market becomes accessible to Malaysia,” he added. ...