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August 16, 2008

Singapore’s Wilmar to build refineries in Europe, Russia
Singapore’s Wilmar International Ltd, the world’s largest listed palm oil firm, is building new refineries in Europe and Russia as a move to expand beyond Asia, reported Reuters on Friday.

Reuters quoted Wilmar CEO Kuok Khoon Hong as saying at a post-results briefing on Thursday, “We are building a new refinery in Germany, Spain and going into crushing and refining plants in Russia.”

On Thursday, Singapore-listed Wilmar reported its quarterly net profit tripled, due to a boon from high crude palm oil (CPO) prices, but warned of moderating prices and a challenging environment ahead.

“We expect CPO prices to stabilise around current levels. Prices are likely to remain subdued -- we do not see a big run-up to the old levels and they still might come down a little bit,” Kuok told the briefing.

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