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Palm oil biofuel to curb oversupply

Indonesia, the world’s biggest palm oil producer, is mulling a move to produce biofuel to manage abundant local supplies.

Deputy Trade Minister Bayu Krisnamurthi said on Wednesday that the move would become a “fundamental solution” to curb an oversupply of the commodity in the overseas market that, has in part, contributed to falling international prices.

“We are trying to convince various stakeholders that if we can convert up to 3 million tons of palm oil into biodiesel, it will be a game changer in the market,” he said.

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