KARACHI, May 1: Felcra Berhad Malaysian, a wholly owned company of the Malaysian finance ministry, is putting up a palm oil refining complex at Port Qasim in collaboration with International Multi Group (IMGC), a Karachi-based private company.

It will be a complete project for oil refining fractionation and sales of ghee and cooking oil in southern Pakistan besides, exports to Afghanistan, Iran and Middle Eastern countries.

A memorandum of understanding (MoU) was signed on Sunday between Chairman of Felcra Berhad Mr Dato Hamzah B Zainuddin, Senator and member Malaysian parliament, Dato HJ Abd Rahman B HJ Daud, CEO of the company and Sheikh Amjad Rasheed of IMGC.

Through this MoU, which will be followed by a detailed agreement, the Felcra appointed IMGC its representative in Pakistan for promotion of palm oil sales, food-based industry and general trading.

In Malaysia, Felcra is doing business through 90,000 owners of small land holdings who have been organised in cooperative farming for coconut plantation. The land ownership is not transferred to the company, but is developed for plantation for 15 years. The company trains the male members of the family and also provides job opportunities to both men and women.