IOI Properties Group Bhd chairman Tan Sri Lee Shin Cheng
PUTRAJAYA: Crude palm oil (CPO) prices are expected to trade at more than RM3,300 per tonne, should La Niña set in, said IOI Corp Bhd
executive chairman Tan Sri Lee Shin Cheng.
Currently, CPO prices are hovering within RM2,750 and RM2,800 per tonne.
Speaking after IOI Corp’s annual general meeting on Monday, he said the group plans to expand into emerging countries such as West Africa and the Middle East.
IOI Corp CEO Datuk Lee Yeow Chor explained this was in line with the Malaysian Palm Oil Council (MPOC)’s efforts to expand the reach of Malaysian palm oil to West Africa.
“As an example, Iran’s palm oil consumption has grown by 100% this year, as compared to last year,” he said.
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