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Malaysia Ramps Up Sugar Purchases From India Amid Palm Oil Spat

23 Jan 2020 10:54 am
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MUMBAI (Commoditiescontrol) - MSM Malaysia Holdings Bhd is ramping up its procurement of sugar from India, amid the ongoing palm oil spat with the latter.

In a statement today, the refined sugar producer said it has procured its raw sugar requirement for the first quarter of 2020 from India.

MSM group chief executive officer Datuk Khairil Anuar Aziz said it is expecting the arrival of three shipments between January and February, bearing approximately 130,000 tonnes of raw sugar worth nearly RM200 million (USD 49.20 million).

The company had bought around 88,000 tonnes of raw sugar from India in 2019.

MSM said the quality and competitive freight cost of raw sugar produced from India provide added-value and advantages for the group to ensure a sustainable supply of best quality raw sugar stock for all of its refineries and facilitate efficient raw sugar procurement as part of cost-savings and operational improvement strategies.

Khairil Anuar said that moving forward, MSM is all geared up to ensure a long-term sustainable and competitive business at local and international markets.

MSM is the sugar refining arm of the world's largest palm oil producer, FGV Holdings, which is a unit of Malaysian state-owned Federal Land Development Authority or Felda.

The company did not cite the palm oil dispute as a reason for the increase in purchases, but sources, who are familiar with discussions between the company and the government on the purchase, said it was a bid to appease India, which has been urging Malaysia to reduce the trade deficit between the countries.

India, the world’s largest edible oil buyer, this month effectively halted imports from its largest supplier and the world’s second-biggest producer in response to comments from Mahathir on India’s domestic policies.

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