An industry source has revealed that six companies have received letters approving their duty-free export of 500,000 tonnes of crude palm oil (CPO) until June this year.
Go deeper with GlobalData
Primary Industries Minister Datuk Seri Dr Lim Keng Yaik revealed last December that selected businesses would be able to export 1 million tonnes of CPO duty-free this year, and “the next tranche will be allocated after June,” he said yesterday (1 February).
The quotas are an attempt by the government to alleviate the economic problems caused by a glut of the national CPO stock, which has preventing the recovery of prices, currently languishing at a 13-year low.
