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Dalian Commodity Exchange (DCE) and Malaysia FGV Holdings Co., Ltd. signed a Memorandum of Understanding on Cooperation in Guangzhou on November 14, agreeing to cooperate in the RBD palm olein futures internationalization business. DCE Vice President Zhu Lihong and Azman Ahmad, Executive Vice President and Logistics and Business Support CEO of FGV, signed the MOU on behalf of the two sides.
Zhu Lihong said in the speech that RBD palm olein is the only purely import commodity product in the Chinese futures market. It has received active participation from domestic and overseas enterprises and taken an important position in the Chinese futures market over the past 11 years since its listing in 2007. DCE’s iron ore futures officially ushered in overseas trading participants on May 4 this year and the Chinese futures market will open wider in the future as RBD palm olein, soybean, soybean meal, soybean oil and other futures products have all been qualified for internationalization. She hoped that the two sides will take this opportunity to initiate in-depth cooperation in the internationalization of RBD palm olein and jointly build the RBD palm olein futures market, thus providing the global RBD palm olein industry with high-quality services.
Azman Ahmad said that FGV is possessed with the largest plant oil bulk and storage facilities in the world, and it has the liquid storage capacity of over 860,000 tonnes in the storage terminals in Malaysia, Indonesia and Pakistan. He believed that this cooperation will assist the internationalization research and overseas market expansion of DCE's RBD palm olein futures.
It is learnt that FGV is the largest and most diversified group on agricultural products in Malaysia and also the largest crude RBD palm olein producer in the world and the second largest RBD palm olein refiner in Malaysia. Its main businesses cover the whole industry chain of RBD palm olein and involve many countries in the world. The two sides agreed in the MOU on Cooperation that they will carry out cooperation on the RBD palm olein internationalization of DCE through various forms, including site investigation, high-level discussion and information exchange. FGV will support and assist DCE in researching the RBD palm olein spot markets in Malaysia and Indonesia and promoting its RBD palm olein internationalization business.
