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Update PPB Group’s Wilmar 'strongly committed' to sustainable palm oil

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Update PPB Group’s Wilmar 'strongly committed' to sustainable palm oil Empty Update PPB Group’s Wilmar 'strongly committed' to sustainable palm oil

Post by Cals Thu 06 Mar 2014, 17:28

Update PPB Group’s Wilmar 'strongly committed' to sustainable palm oil
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Thursday, 06 March 2014 15:05

KUALA LUMPUR (Mar 6): Wilmar International Ltd is maintaining 'strong commitment' to its policy to source sustainable crude palm oil (CPO), according to PPB Group Bhd's managing director Lim Soon Huat.

Lim said this at PPB Group’s FY13 results briefing today, after noting the recent publicity surrounding Wilmar's new CPO sourcing policy – ‘No Deforestation, No Peat, No Exploitation’ policy.

The Singapore-listed Wilmar is an 18.3% associate of Malaysia’s PPB Group and both companies are controlled by tycoon Robert Kuok.

“This [policy] is Wilmar’s strong commitment to sustainable palm oil and in support of the long term sustainability of the environment, as well as the local communities.”

“We are only a shareholder of Wilmar, so we are not in the position to comment on any action, move or policy Wilmar has adopted,” said Lim.

Concerning the outlook on the sustainable palm oil market, the PPB Group head also declined to elaborate.

“We are not able to comment on that because we are not in the palm oil business,” he said.

Based on the new policy, Wilmar said it will stop buying CPO produced by trees that are planted in forest or peat swamp areas in 2016 and beyond.

Wilmar accounts for 26% of the Sarawak’s total refining capacity and buys 45% of the CPO produced in the state.
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