Palm Oil Guide

Palm oil (from the African oil palm, Elaeis guineensis) is long recognized in West African countries, and is widely used as a cooking oil. European merchants trading with West Africa occasionally purchased palm oil for use in Europe, but since the oil was of a lower quality than olive oil, palm oil remained rare outside West Africa.[citation needed] In the Asante Confederacy, state-owned slaves built large plantations of oil palm trees, while in the neighbouring Kingdom of Dahomey, King Ghezo passed a law in 1856 forbidding his subjects from cutting down oil palms.

Palm oil became a highly sought-after commodity by British traders, for use as an industrial lubricant for machinery during Britain's Industrial Revolution[citation needed]. Palm oil formed the basis of soap products, such as Lever Brothers' (now Unilever) "Sunlight Soap", and the American Palmolive brand.[11] By c. 1870, palm oil constituted the primary export of some West African countries such as Ghana and Nigeria, although this was overtaken by cocoa in the 1880s.[citation needed]

In December 2006, the Malaysian government initiated merger of Sime Darby Berhad, Golden Hope Plantations Berhad and Kumpulan Guthrie Berhad to create the world’s largest listed oil palm plantation player.[12] In a landmark deal valued at RM31 billion, the merger involved the businesses of eight listed companies controlled by Permodalan Nasional Berhad (PNB) and the Employees Provident Fund (EPF). A special purpose vehicle, Synergy Drive Sdn Bhd, offered to acquire all the businesses including assets and liabilities of the eight listed companies. With 543,000 hectares of plantation landbank, the merger resulted in the new oil palm plantation entity that could produce 2.5 million tonnes of palm oil or 5% of global production in 2006. A year later, the merger completed and the entity was renamed Sime Darby Berhad.[13]...