Bad press on CPO as EU wants to protect own seed oil market

At the recently concluded International Palm Oil Congress & Exhibition (PIPOC 2017) hosted by the Malaysian Palm Oil Board (MPOB) here, LMC International chairman James Fry pegged crude palm oil (CPO) at RM2,700 to RM2,800 per tonne, while United Plantations Bhd deputy chairman Datuk Carl Bek-Nielsen(filepic) projected CPO at RM2,400 to RM2,800 per tonne in 2018.

KOTA KINABALU: Palm oil is getting a bad press in Europe as there is an effort to protect Europe’s own seed oil market, United Plantations Bhd chief executive officer Datuk Carl Bek Nielsen said.

He said the seed oil lobby was very powerful in Europe, with the European Union promoting olive oil which enjoys subsidies in the EU budgets.