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Growth in palm oil value aids producer

Growth in palm oil value aids producer

Mong Reththy Group’s palm oil exports nearly doubled in value in 2010, over the year previous, as the company plans to increase its plantations in the next 12 months.

Rising international prices were the main cause of the increase in export  value, which saw the firm export 15,000 tonnes or US$16.5 million worth of unrefined oil in 2010, according to the Group’s President and CPP Senator Mong Reththy.

“Increased exports last year were due to large demand for crude palm oil on international markets, so we could export it in greater amounts for higher prices than 2009,” he said yesterday.

The Group owns some 8,000 hectares of palm oil plantations in Preah Sihanouk province.

In 2009, Mong Reththy Group exported 14,000 tonnes of crude oil worth about $8.5 million to international markets, including India and Switzerland.

Mong Reththy plans to expand his company’s palm oil plantations to 10,000 hectares in 2011, fuelled by income generated by palm oil exports. The company will also spend some $5 million building a new crude palm oil processing factory as part of its expansion.

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