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KUALA LUMPUR (REUTERS) – China has agreed to buy palm oil worth nearly 150 million dollars ($ 206 million) to Malaysia as part of 39, a barter agreement, said the media Saturday, June 1, citing a Malaysian minister.
Malaysia will export 1 billion yuan (about 200 million US dollars) of palm oil, about 200,000 tons, to China, Star said.
In return, Malaysia will receive construction services, natural resource products as well as China's civilian and defense equipment, the paper quoted Teresa Kok, Minister of Primary Industries, as saying.
Malaysia is trying to reduce its palm oil stocks, which had reached their highest level last December for at least 19 years, with the aim of driving up prices. China, its third largest buyer of palm oil, is expected to take more.
In April, China agreed to buy an additional 1.9 million tonnes of palm oil from Malaysia over the next five years and to invest at least RM 2 billion ($ 660 million) in a biofuel production plant.
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