Daily Palm Oil Prices (Sept’17 Contract)

On Thursday, 22 June 2017
Settlement Price RM 2447
Last Updated : 23 June 2017 @ 8.30 AM

Palm Oil Related News

Introduction to PORAM

PORAM – Palm Oil Refiners Association of Malaysia 

The Palm Oil Refiners Association of Malaysia (PORAM) was formed in 1975 primarily to present a representative voice to the Government and the trade in all matters related to the palm oil industry.

Being a trade association, PORAM is a voluntary, non-profit organization. Its members comprise of companies involved in the refining and related downstream processing  of palm oil, palm kernel oil and other vegetable oils including ancillary services.

PORAM and the Government

Through PORAM, palm oil refiners in Malaysia can act collectively and in unison to ensure that the Government understands and recognizes the needs and problems of the industry at all times.

PORAM is represented in the relevant Government bodies, among which are:

  • Malaysian Palm Oil Board (MPOB)
  • Malaysian Palm Oil Council (MPOC)


Services to Members

Various forms of services available to members include:

  • Providing a continual flow of valuable information to members, including market reports, summaries of reports on trade missions and research reports.
  • Keeping members informed on relevant new legislations, amendments to existing ones, and various government and international regulations affecting the palm oil trade.
  • Handling of matters related to the government and the interpretation of the impact of the implementation of the legislative and administrative actions of government regulations.
  • Providing guidance to members on the implementation and solving problems arising from government regulations and procedures.
  • Maintaining liaison with international trade organizations to resolve global issues relating to the trading of oils and fats.
  • Providing facilities for members to meet and resolve common problems.
  • Providing facilities for arbitration under the auspices of the Association.
  • Formulating standard contract terms and conditions for adoption by the trade.
  • Publishing newsletters, handbooks, brochures and other documents for the promotion and enhancement of the palm oil refining industry.
  • Organizing seminars, forums, workshops and training courses for members.

 

PORAM and Trade Promotion

PORAM assists members in establishing business contacts and promoting their exports, through a wide range of export promotion services such as:

  • Meeting trade delegations and visitors.
  • Channeling trade enquiries to members.
  • Organizing trade missions and arranging for members’ participation in government led missions.
  • Making recommendations/proposals to the Government aimed at facilitating exports of processed palm oil products.

PORAM and Related Organizations

Since its inception, the Association has played significant roles in enhancing the position of the palm oil refining industry in the country as well as abroad. PORAM works closely with various trade organizations including the Malaysian Palm Oil Association (MPOA), The Palm Oil Millers’ Association (POMA). Malayan Edible Oil Manufacturers’ Association (MEOMA), Malaysian Oleochemical Manufacturers’ Group (MOMG) and the Malaysian Biodiesel Association (MBA). PORAM is affiliated to the Federation of Oils, Seeds and Fats Associations Ltd (FOSFA International). Together with FOSFA International, PORAM has jointly issued a contract for Palm Oil Products in Bulk (CIF) or more widely known as the FOSFA 8I contract. PORAM is a founder member of the ASEAN Vegetable Oils Club (AVOC). PORAM is also an affiliate member of The Roundtable on Sustainable Palm Oil (RSPO).