ABOUT PALM OIL
The economic history of the Palm Oil began in the rain forests of Western Africa in the late 19th century. Since its introduction into Malaysia in the early 20th century until the early 60s, its impact on the economy was marginal. For many years the economy of Malaysia had depend for its wealth & prosperity upon Rubber. In 1961, Malaysia embarked on an intensive agriculture diversification program, and the crop that has achieved the most notable success since then is Palm Oil. Within a relatively short period, Malaysia becomes the world's largest commercial producer & exporter of Palm Oil in 1966. Diversification into Palm Oil means that the country is now less dependent on the fortunes of Rubber as a plantation crop. The year 1974 marked the beginning of a succession of refineries which were set up trough out the country. Within 2 years, a total of 15 refineries were in operation, making Malaysia the Palm Oil refining country in the world. Today, 3 decades after the interception of the Palm Oil refining industry, refined & process Palm Oil accounts for almost 90% of the total Palm Oil exports. The rapidly increasing Palm Oil refining & fractionation capacity consolidated Malaysia's position not only as a leading producer, but also as a major marketing factor in the national trades of Oil & Fats. This position has been achieved through, among other factors, stringent observance of quality control & the capacity of local refiners to meet the high standards demanded by the world market. Much of the success of the of the industry was contributed by the fact that it was possible to open market which were once dominated by other vegetable Oil & Fats. However, there is now a marked shift of concentrations away of the industrialized countries to the non-traditional or developing countries such as India, Pakistan, China, Bangladesh, Egypt, Turkey, Saudi Arabia, Several Latin American & African countries are also buyers of Malaysian Palm Oil. Currently, there are 46 refineries in operation. A majority of the operating refineries are in one way or another associated with Palm Oil plantation & milling sectors or both. Some of the refineries have also tied up with manufacturers of specialties products & oleo chemicals.