FGV applauds German envoy for stand on palm oil

Kuala Lumpur: Felda Global Ventures Holdings Bhd (FGV) has applauded the German Ambassador to Indonesia, Michael von Ungern-Stenberg, for voicing his disagreement over the European Union's (EU) ban on palm oil."I am glad to see more EU countries finally speaking out against the discriminatory measures involving palm oil.

I applaud him for his firm stand on this cause and appreciation for Indonesia's sustainability efforts," said Group President and Chief Executive Officer, Datuk Zakaria Arshad, on his twitter account Monday.

The Netherlands recently became the latest EU member after the United Kingdom and Sweden in voicing disagreement to the ban by the economic bloc.

Foreign Trade and Development Cooperation Minister, Sigrid Kaag said the (Dutch) government also commended Malaysia for the efforts in transitioning palm oil towards sustainability without undermining the livelihood of smallholders.

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Malaysia has been continuously conducting discussions with EU countries to oppose the proposed ban by the European Parliament.

At the same time, local industry players have also been urged to speed up the process of obtaining the Malaysian Sustainable Palm Oil (MSPO) certification to support the image of the industry globally.

FGV for example, is on track to earn premiums for its certified sustainable palm oil products in the first quarter of 2018.

The company recently announced it had received the Roundtable Sustainable Palm Oil (RSPO) Principles and Criteria certification for eight mill complexes at the end of 2017, following its voluntary withdrawal from the RSPO certification in May 2016.

The eight mill complexes that have so far been certified are expected to produce over 200,000 metric tonnes (MT) of Certified Sustainable Palm Oil and almost 60,000 MT of Certified Sustainable Palm Kernel Oil.

Aside from capitalising on the premium offered, FGV will be able to access markets in the EU and North America, as well as customers who demand certified palm oil products.

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The company also plans to certify its 70 palm oil mill complexes to RSPO and the MSPO by end-2021.

At 4.20 pm on Monday, FGV shares rose one sen to RM1.88 with 3.33 million shares transacted. – Bernama

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