Cooperation Agreement for Palm Oil Research and Development

Recently, Huabao Group announced on its official website that it has signed a three-party research project cooperation agreement with Malaysian Palm Oil Board's wholly-owned subsidiary, Malaysian Palm Oil Technology Development (Shanghai) Co., Ltd., and Bangi Gordess (Xiamen) Oil and Fat Technology Co., Ltd. The collaboration aims to conduct related technical research and product development using palm oil as the raw material.

PORTSIM, a subsidiary of the Malaysian Palm Oil Board (MPOB), is a branch located in Shanghai, China. Established in 2005, PORTSIM aims to develop, expand, and promote the Malaysian palm oil market in China, while providing technical support and consultancy services to relevant companies. MPOB, a statutory body under the Malaysian government, is primarily responsible for promoting and formulating national goals, policies, and priorities in the palm oil industry in Malaysia.

Bunge Loders Croklaan is a sustainable specialty plant oils and fats producer and supplier in the food manufacturing industry. The company operates the global B2B edible oil business under the brand Bunge (NYSE: BG). Its products are widely used in baking, confectionery, cooking, and infant nutrition.

According to reports, the palm oil industry serves as a foundation of Malaysia's economy, making it the world's second largest palm oil producer after Indonesia. The two countries collectively account for over 80% of global palm oil production, with China emerging as the largest palm oil importing nation worldwide. Palm oil and its derivatives find wide applications in various sectors including food, non-food, and animal feed industries. Due to its extensive usage and high volumes of production, the oil palm crop offers promising investment returns in terms of scientific research and technological advancements.