Malaysia's FGV eyes new palm oil buyers as India, Europe curb imports

[Kuala Lumpur] FELDA Global Ventures Holdings Bhd (FGV), the world's biggest crude palm oil producer, is looking to new markets as traditional customers India and Europe take steps to curb purchases, the company's chief executive said on Tuesday.

The Malaysian firm is planning to build palm oil refineries in Myanmar, the Philippines and Cambodia in the next two years, Zakaria Arshad told Reuters in an interview. "We want to spread our sales to various countries, looking at new markets which are looking for additional crude palm oil and olein supply," he said.

Peanut oil supplies have not been able to keep pace with growing demand in Myanmar, Mr Zakaria said, meaning there is scope to boost palm oil sales there.