Malaysia raises biodiesel forecast by 100 percent over ‘07 total as crude plam oil price drops to $468 per tonne

In Malaysia, Plantation Industries and Commodities Minister Datuk Peter Chin announced that the country had raised its biodiesel export forecast for 2008 to 200,000 tonnes, up 110 percent from 2007’s final export volume of 95,013 tonnes.

The Minister said that the country had exported 128,000 tonnes in the first three quarters of the year, and forecast an additional 72,000 tonnes for the fourth quarter with crude palm oil prices falling to $468. CPO reached a high of more than $1000 per tonne earlier this year.

Deputy Plantation Industries and Commodities Minister Senator Kohilan Pillay confirmed that 5 plants out of 91 initially approved are producing and exporting biodiesel. 15 plants with a combined capacity of 480 Mgy have been constructed to date.

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