IOI Plans Palm Oil Refinery in Indonesia as Production Expands
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IOI Corp., Malaysia’s second-biggest palm oil producer by market value, plans to set up a refinery in Indonesia as it boosts output in the world’s biggest grower of the tropical oil used in food and fuel.
The company expects to produce about 500,000 metric tons of palm oil from plantations in Indonesia in about three years, Executive Director Lee Yeow Chor told reporters in Johor state today. IOI is also seeking to acquire plantations to increase output, he said.