MPOC Fortune - Nov11 2008

A sharp decline in international prices coupled with record high inflation and the depreciation of the rupee has badly affected import-related industries in Pakistan. The country’s foreign currency reserves have dipped to an alarmingly low level, which has made imports of goods and commodities extremely difficult. These conditions have also affected the import of palm oil by

Pakistan, which has shown a decrease of almost 30 per cent last month over the same month last year.

The total oils and fats import in October was 121,252 metric tonnes, compared with 180,413 MT in the previous month. Year-to-date imports of oils and fats have also shown a slight decrease of two per cent, which is attributed to the macro- and micro-economic factors as well. The

edible oil industry, including chemical and physical refineries, solvent extractors and traders, are facing their worst crisis this time of the year because of the sharp decline in global palm oil prices and sharp devaluation of the rupee.

Despite these rough tides, Malaysia’s export of palm oil products to Pakistan has increased by approximately 13 per cent, and should cross the one million metric tonnes mark by the end of this month. The Malaysian share vis-à-vis Indonesia’s has also improved, and currently stands at 70 per cent.

Shift to RBD palm oilPakistani buyers are once again showing an inclination towards importing RBD palm oil. The shift to RBD palm oil has been evident from imports in the last two months. The total volume of RBD palm oil imported up to October this year was

TM

Malaysia Palm Oil. A Gift From Nature. A Gift For Life

MALAYSIAN PALM OIL COUNCIL KKDN PP 14669/05/2009 VOL: 11 2008

DIRECTOR

Wira Adam [email protected]

MANAGER

Sum Kum Mooi [email protected]

Muhammad Kharibi Zainal Ariffin [email protected]

MARKET ANALYSTS

Asia Pacific Desmond Ng Kok Hooi

[email protected]

South Asia Fatimah Zaharah Md Nan

[email protected]

Middle-East Norhaznita Husin

[email protected]

Africa Lim Teck Chaii

[email protected]

Europe Sum Kum Mooi

[email protected]

Americas Fatimah Zaharah Md Nan

[email protected]

For more information, please contact Tel : 603 - 7806 4097Fax: 603 - 7806 2272

MARKETING & MARKET DEVELOPMENT DIVISION

(Continued on page 10)

Palm Oil Imports

Stay despite

Tough Times Ahead

UPDATE:

Malaysian exports to Pakistan has shown an increaseof about 13%

For registration enquiries,log on to www.bursamalaysia.com or

email [email protected]


Malaysian Palm Oil FORTUNE • 3

The port of Rotterdam recently welcomed the first shipment of sustainable palm oil, certified by the Roundtable for Sustainable Palm Oil (RSPO) under a set of standards that ensure the palm oil is produced in a socially and environmentally responsible way. This was is indeed a great moment for the RSPO and the palm oil industry. At long last the industry has proven to consumers that sustainable production of palm oil, which respects both the people and the environment, can be achieved.

The RSPO certification serves as an assurance to manufacturers and food processors that the palm oil is produced in a responsible manner. The shipment of the 500 metric tonnes of sustainable palm oil from a major producer in Malaysia marked an achievement that

all those involved in the process can be proud of. It has been a long journey that started in 2003, with the formation of an informal alliance among several major palm oil producers, retailers and the World Wide Fund for Nature (WWF).

Today, more than 340 organisations are involved, in one way or another, with the RSPO principles. The Director of WWF International’s Forest Programme described the arrival of the certified palm oil in Europe as “an important milestone” and pointed out that with the RSPO certification system up and running, companies now have the means of “buying responsibly”.

Consumer food giant Unilever and Sainsbury’s, one of Britain’s largest grocers, are among the buyers of this first shipment. Both companies

supported the development of the certification scheme. Unilever recently made a public announcement stressing its commitment to achieving a much more ambitious target of sourcing for “100 per cent sustainable palm oil by 2015”.

At a press conference held in Rotterdam on Nov 11, the President of the worldwide RSPO, Jan Kees Vis, described the arrival of the shipment as a small but significant step toward having all palm oil in the world produced in a socially and environmentally sustainable manner. By early 2009, RSPO-certified plantations are projected to supply 1.5 million MT of sustainable palm oil to the global market, representing about four per cent of the total world production. Oxfam,

Long-awaited

certified palm oil lands at Rotterdam




The price of crude palm oil has declined sharply since July 2008, when it was about RM3,600 a metric tonne (MT) in the futures market. The January 2009 futures contract price fell to a low of RM1,400/MT in late October, before it rebounded to close at RM1,626 on Nov 10. The price of crude palm oil futures (CPOF) closed at a historical high on March 3 this year, at RM4,330/MT.

The decline, which started in July, was mainly due to the deepening financial crisis in the United States, which most analysts then forecasted as recession. The fear has caused demand for commodities to fall sharply. Investors fear the expected recession may cause a worldwide fall in the demand for crude palm oil.

Technically, the price of CPOF was expected to fall to RM1,900/MT when it broke the support level of RM3,400/MT in late July. However, it plunged deeper, finding support only at RM1,400/MT, a level not seen since 2005. The bullish trend since 2006 was completely wiped out in about seven months!

The price of CPOF is still on a bear trend. However, recent price developments show that the current support level may hold, at least until the end of the year. The Relative Strength Index indicator has remained flat despite the falling prices. This means that the downtrend momentum has weakened.

The value of a commodity is technically determined by its average price. There is a short-term value determined by short-term averages and long-term value determined by long-term averages. The short-term 30-day average for CPOF is currently at RM1,740/MT and has been declining since April. The price of CPOF is just 6.5 per cent under this short-term average, and is expected to break above the average because of an increasing momentum in the short-term trend.

The longer-term 90-day average, which has been declining since July, is currently at RM2,450/MT and this means that the current price is 33.6 per cent below this

average. Therefore, the price of CPOF is technically oversold – the term used to indicate over-speculation – in the longer-term. Normally, the price is expected to rebound when it goes into an oversold level.

The price oversold and rebounded a few times since August, but failed to go even above the short-term average. This time, it is more likely to break above the short-term average and climb to the longer-term value, determined by the long-term average.

On Nov 7, Malaysia and Indonesia announced that palm oil production would be cut to limit supply and prevent a further fall in prices in anticipation of the global recession. Indonesian Agriculture Ministry’s director-general for plantations, Achmad Mangga Barani, was quoted by the Jakarta Post as saying that the two nations has signed an agreement with the aim of anticipating over-supply amid falling demand. He said the production cut would be made from next year, through a replanting programme covering 300,000 hectares of oil palm plantations in both countries.

The intervention by the governments of Malaysia and Indonesia, which produce some 85 per cent of the world’s crude palm oil, would support the CPOF price

from falling further and therefore the low of RM1,400/MT has a high chance of being the bottom price for crude palm oil.

If the CPOF price breaks above the short-term average of RM 1,740/MT, we may expect a rally to RM2,400 to RM2,500/MT. This range is determined by the longer-term average and a cluster of Fibonacci retracement levels of 50 per cent and 61.8 per cent from the historical high and from the price in July. The forecast is valid as long as the price stays above RM1,400/MT.

Benny Lee is a private trader, trainer and sought-after speaker in the financial market. He is the Chief Market Strategist for NextVIEW Group, a group of companies in Asia that provide a leading real-time investment tool for professional and retail investors. NextVIEW is also a leading Investor Education training provider. For more information, log on to www.nextview.com

The above technical analysis and commentary on the price of crude palm is the personal opinion of Benny Lee. This article should not be construed as any form of investment advice. The writer shall not be responsible for any decision made on the basis of this article.

Crude Palm Oil price may have

bottomed out …

CPOF futuresdaily chart as atNov 10, 2008.Charted byBenny Lee usingNextView AdvisorProfessional

But a short-term rally can be expected


6 • Malaysian Palm Oil FORTUNE

The Central Asian Republics (CAR) comprises the five former Soviet Union states of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan – a huge region with a combined area of four million sq-km, or 24 per cent of the size of Russia. The region is located in the centre of the Eurasian continent, bordering China, Russia, Afghanistan and Iran.

Despite having such a vast land area, the region has a combined population of only 54 million. The third largest country, Uzbekistan, is the most populous with 27 million people or 50 per cent of region’s population. Population density is low, at 13.5 inhabitants per sq-km. Such low density is due to the geographical landscape, which is mostly mountainous terrain.

After the collapse of the Soviet Union in late 1991, all 15 states under it formed their own governments. The sudden independence shocked most of the states and they struggled to build their own nations. The region faced a difficult period of transition as these countries were no longer supported by Moscow, and some of them had been left behind in terms of infrastructure development.

However, the region is mineral and natural resources rich. It is estimated that the Caspian region contains about four per cent of the world’s known oil reserves. Since the break up of the Soviet Union, the development of the oil and gas sector has driven the region’s economic boom and reform.

Besides oil and gas, the service industry, including tourism and hospitality, contributes the most to the region’s GDP. However, most of the population is involved in agriculture, mainly cotton production.

The economies of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan are affected by the salient geographical characteristics of the region – landlocked and mountainous. Due to this, logistics has always been an issue, with the slowed down delivery of goods to the final destinations in the region slowing down broader trade as well. In addition,

reservations to a more liberalised economy are hindering the economic prosperity of the countries.

Oils and Fats Industry Central Asia is the second largest cotton producer in the world. Climatic conditions, land and water resources have encouraged cotton growing and the industry has made cottonseed one of the main contributors to the region’s oils and fats industry. The region produces around three million metric tonnes of cottonseed annually. In 2007-08, Uzbekistan alone accounted for 66.5 per cent of the production, with Turkmenistan accounting for 15.3 per cent while Kazakhstan, Tajikistan and Kyrgyzstan made up for the balance.

Other oilseeds such as sunflower and rapeseed are also produced and the annual volume is about 325,000 MT and 45,000 MT respectively.

Out of the cotton production, about 450,000 MT of cottonseed oil are produced, accounting for 48.5 per cent of the total oils and fats consumed in the region. Due to its availability in the market, cottonseed oil has become the most consumed oil (47 per cent) in the region, followed by sunflower oil (25 per cent).

Some 71 per cent of sunflower oil, the second largest vegetable oil consumed in the region, is produced locally, with 19 per cent of this imported from Russia and 10 per cent from Ukraine. Palm oil is also consumed in the region, but the volume is rather small, at 2.5 per cent or 23,300 MT last year.

Palm Oil Market Uzbekistan and Kazakhstan are two major consumers of palm oil, accounting for 89.27 per cent of the total palm oil consumed in the region last year.

CAR: Cottonseed Production (‘000 MT)

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08

Kazakhstan 198 210 257 256 250 241

Kyrgyzstan 55 55 62 60 65 51

Tajikistan na na 310 246 242 255

Turkmenistan na na 219 370 420 460

Uzbekistan 1,781 1,590 1,962 2,062 1,997 2,000

2,034 1,855 2,810 2,994 2,974 3,007

Source: OilworldS O

Cotton Oil 48%

Sunflower Oil 25%

Soybean Oil 4%

Tallow & Grease 6%

PO 3%

Butter Fat 4%

Lard 3%

Others 5%

Rapeseed Oil 2%

CAR : 2007 Oils and Fats Consumption


Prospects for palm oil in the

Central Asian Republics Malaysia should look into this growing market, especially for finished products



Carotech Bhd has signed an agreement with Trafigura Beheer BV of Amsterdam (Trafigura), for the export of CaroDiesel®, a refined and distilled palm methyl ester or biodiesel, to the United States and Europe.

Under the terms of the agreement, Ipoh-based Carotech will supply 60,000 to 84,000 metric tonnes of CaroDiesel® to Trafigura for one year. This works out to about 5,000 to 7,000 MT a month, with the price based on a formula at a premium over the prevailing price of crude palm oil (CPO). The deal works out to RM200 million, with the contract period beginning in January next year.

CaroDiesel® is a clean burning, alternative fuel derived from crude palm oil. It is a renewable and environmentally friendly fuel for use in diesel engines and is non-toxic, biodegradable and essentially free of sulphur and aromatics.

Carotech is one of Malaysia’s largest producers of distilled palm methyl ester specifically for biodiesel application. The company converts crude palm oil to high quality refined and distilled palm biodiesel at its two facilities in Perak, using its own patented technology. Besides palm biodiesel, Carotech produces phytonutrients extracted from crude palm oil. It is the first and largest integrated plant in the world to commercially extract tocotrienol complex, carotene complex and phytosterol complex from oil palm fruit.

Switzerland-based Trafigura is the world’s third largest independent oil trader and second largest independent trader in the non-ferrous concentrates market. The company is involved in the sourcing of crude oil, petroleum products including biofuels, metals, metal ores and concentrates for industrial consumers.

In the oil sector, Trafigura has access to storage facilities for more than 30 million barrels of crude oil and oil products through a combination of oil terminals under its network and long-term lease agreements with third party terminals. It employs about 1,700 people in 35 countries, has access to over US$14 billion in credit facilities and holds investments worth more than US$700 million in industrial assets around the world.

With a business relationship that dates back to 2007, CaroTech and Trafigura decided to form this strategic partnership in the quest to contribute to the reduction of global greenhouse gas emission through the use of sustainable renewable energies such as palm biodiesel.

Carotech expects this agreement to contribute significantly to its earnings. This partnership with Trafigura is expected to further strengthen CaroTech’s position as the leading supplier of palm biodiesel in the world. Trafigura is a reputable company with proven leadership and expertise, and the

synergy between the two companies is expected to enhance the strengths of both to provide greater value products to customers and the marketplace.

“This new supply agreement,” said CaroTech’s Chairman and Managing Director David Ho, “complements the existing long-term strategic vision of both companies in the renewable fuel market.”

The Kyoto Protocol 1997 specifies that signatory countries commit to reduce their collective emissions of greenhouse gases (for example, CO and CO ) by an average of six per cent by 2012. CaroDiesel® allows countries to achieve this inexpensively, through the use of biodiesel. Hence, the promotion and usage of biodiesel will reduce the need to purchase “carbon credit” from the market place.

“This will encourage compliance with the Kyoto Protocol through a cost-effective emission reduction strategy. CaroTech has taken this visionary initiative to promote the use of CaroDiesel® and is proud to accomplish the mission of providing the global community with a clean and safe alternative for the betterment of the environment and humanity,” said Ho.

Deal pavesway for supplyof CaroDiesel®to US andEurope

For more information, please contact Carotech at: Malaysia : +60 (05) 201 4192 (email: [email protected])USA : +1 (732) 906 1901 (email: [email protected])

Carotech Bhd Signs

Multimillion

Dollar Contract


(Continued from page 6)

Most of palm oil imported into the region comes from Malaysia, Ukraine and Indonesia. The total consumption by the region grew moderately in the last six years, peaking in 2005 before slowing down in the last two years.

In terms of Malaysian exports, palm oil, finished products and palm kernel are among the products going into the market and the volume is growing.

Uzbekistan is the main importer of Malaysian palm oil products and the country takes in 88.79 per cent of the Malaysian palm oil exported to the region. Kazakhstan comes second, with its import being 10.91 per cent. The imports by Turkmenistan, Tajikistan and Kyrgyzstan are very marginal, but growing.

At present, palm oil is mostly used in the food processing industry, by bakeries and in confectionery and snack food manufacturing. There have been efforts to market palm oil as cooking oil, but these have not been successful because of weather conditions. However, the utilisation of palm oil in confectionery and bakery products has gained wider acceptance. Positive results have

resulted in the increased import of finished products and palm kernel oil into the region over the last three years.

The import of finished products – shortening, margarine, cocoa butter substitute and palm fats, has gone up from 3,203 MT in 2005 to 11,612 MT in 2007. The import of palm kernel oil has also increased from 2,165 MT in 2005 to 5,476 MT in 2007.

Among the well-known oils and fats importers and users are Rakhat Company, Konfekti Baranochki, Eurasian Food Corporation, Karaganda Margerine Factory, VITA Oil Company, Maslodel Oil Company, Union of Food Manufacturers, JV Tufin, Barakat Company Ltd, and Rizq Barakat.

Market prospects for palm oil The positive development of the palm oil market in the region ensures the potential for greater imports. The oils and fats

market in the region is quite substantial but opportunities for palm oil have not been fully tapped.

The economies of some of the five CAR countries too are not fully developed and constrained by their reservations to trade with countries other than the former Soviet states. However, they are friendlier to foreign investment.

In terms of Malaysian palm oil prospects in the region, the competition is quite stiff, especially with the establishment of the Wilmar operations in Ukraine. This is in view of the logistics efficiency of shipping palm oil from Ukraine, as compared with shipments from Malaysia.

However, Malaysian palm oil exporters should also consider supplying through Malaysia’s existing joint ventures in Europe or Pakistan. The Pakistani joint venture could be the likely option, in view of the country’s proximity to the region, but it could involve crossing the Afghanistan border, where security is an ongoing issue. But it is no doubt that palm oil trade between Pakistan and the Central Asian Republics has been established and can be developed further.

ConclusionThe Central Asian region is an interesting, growing market. Under present conditions, the market is inclined towards downstream products, which gives Malaysia the advantage its competitors.

The main obstacle to trading with the CAR is still its remoteness, but it is a market that should not be left unattended. Perhaps a more strategic approach could be look into, especially in supplying through Malaysian joint venture establishments in Pakistan, just as Wilmar is making use of its facilities in Ukraine. Fatimah Zaharah

CAR: Palm Oil Consumption (‘000MT)

2002 2003 2004 2005 2006 2007

Kazakhstan 15.7 18.1 16.9 22 11.1 11

Kyrgyzstan 0.7 1.1 2 1.7 2.3 2.4

Tajikistan - - - - - -

Turkmenistan - 0.1 0.1 0.3 0.1 0.1

Uzbekistan 0.5 0.3 1.1 6.8 10.8 9.8

Total 16.9 19.6 20.1 30.8 24.3 23.3

Source: Oilworld

CAR : Malaysian Palm Oil and Palm Products

2003 2004 2005 2006 2007

Palm Oil 1,527 3,650 8,623 13,122 12,713

Finished Products 3,203 4,229 11,612

Palm Kernel Oil 2,165 3,364 5,476

Other Products - - 1,005

Total 13,991 20,715 30,806

Source: MPOB


Prospects for palm oil in the

Central Asian

Republics


10 • Malaysian Palm Oil FORTUNE

Table 1: Imports of Major Oils & Fats into Pakistan

Commodity October 2008 Jan-Oct 2007 Jan-Oct 2008

Crude Palm Oil 47,018 376,848 480,896

RBD Palm Oil 48,736 2,299 221,257

RBD Palm Olein 18,495 897,499 597,540

RBD Palm Stearin 499

Palm Kernel Oil 1,005

Soybean Oil 5,500 47,614 20,969

Palm Fats* - 58,452 32,336

TOTAL 121,252

Source: Shipping Agents’ Vessel Reports & Reports from Karachi Ports

221,257 MT, compared with a mere 2,299 MT over the same period last year. RBD palm oil import is expected to continue to erode the share of palm olein in the coming months.

This development is due to the consistent high price differential between CPO and olein, which has made the import of apparently higher duty palm oil feasible (RBD palm oil has a US$25 higher duty than olein and CPO).

The Pakistan Edible Oils Refiners Association is facing a very tough time due to the increased import of RBD palm oil and a sharp increase in the cost of refining in the country. High stocks and declining international prices have caused some refiners to face liquidity issues. Keeping this development in view, further investment in physical refining at this stage does not seem viable, although investment in fractionation still holds potential.

Rationalisation of duty on import of Cooking OilsIn view of the current status of the local industry, the Pakistan Vanaspati Manufacturers Association (PVMA) has urged the government to increase the Customs duty on imported vegetable ghee as part of the strategy to encourage production within the country. In view of the changes in prices in the international market, PVMA also proposes that a regulatory duty should be favoured over the present fixed Customs duty on imported edible oils. The current duty does not increase or decrease in tandem with changes in the prices of imported edible oils. The present Customs duty on RBD palm oil/palm olein is around Rs9,800/MT. ED/Faisal

Import of Palm Oil by Country Origin (Jan-Oct 2008)

0 100,000 200,000 300,000 400,000 500,000

RBD Palm Oil

RBD Palm Olein

Crude Palm Oil

Others

tonnes

Malaysia

Indonesia

Palm Oil Imports

Retain despite

Tough

Times Ahead





Long-awaited

certified palm oil lands at Rotterdam

one of the NGOs involved with the development of the criteria and reliable certification rules, said the aim of the RSPO certification was to have 50 per cent of the palm oil produced globally certified as sustainable by 2013. In order to achieve this goal, Oxfam said, governments, producers, traders, investors, manufacturers, retailers, consumers and all other relevant parties must lend their full support to the initiative.

Palm oil is widely used worldwide for various food and non-food applications. According to an industry estimate, about 38 million MT of palm oil worth more than US$20 billion was produced last year, with Indonesia and Malaysia accounting for 85 per cent of the output. The EU-27 is the world’s second largest importer of Malaysian palm oil and between January and October this year,

palm oil exports to the European Union amounted to 1.63 million MT. In Europe, palm oil is now used as an ingredient in a large variety of consumer products, including margarine, ice-cream, chocolate, biscuits, soap and detergents.

However, the events surrounding the shipment of sustainable palm oil have not been without controversy. The growth in palm oil demand in Europe has often been linked to the loss of habitat vital to threatened and endangered wildlife and indiscriminate forest clearing that contribute to climate changes – claims that are often based on misguided information and the lack of knowledge about the development of the oil palm industry. Efforts are being made by the relevant agencies and government authorities responsible for the industry to correct these misconceptions on the part of European environmental activists and other interest groups.

These activists have argued that more can be done to tighten existing criteria governing deforestation, land disputes and other illegal practices. Greenpeace

released a report claiming that the supplier of the first batch of certified palm oil had violated the RSPO sustainability standards elsewhere. It also pointed out that the certification system failed to tackle issues related to deforestation, peat land clearing and

land conflicts. In response, the supplier, United Plantations Bhd, issued a strong statement saying it could prove that all these allegations were unfounded, and that it was prepared to cooperate fully with RSPO to investigate the Greenpeace allegations. In a supporting statement, the RSPO also indicated its willingness to examine the Greenpeace report and to do everything it could to improve things that were not up to standard yet.

Nevertheless, the arrival of the RSPO-certified palm oil in Europe was indeed a momentous occasion and, as described by RSPO president Vis, was “a small step, but a step in the right direction”. Driving the palm oil industry towards sustainable certification has not been easy, but it is the right thing to do. Zainuddin Hassan


MPOCOffices

Worldwide

TM

ADVERTISINGOPPORTUNITIES

If you target the same segment as our readers, let us help you as we strive to reach our goals. You can make use of Malaysian Palm Oil FORTUNE as your platform or network to quickly spread the word on your products or services.

Advertising in the Malaysian Palm Oil FORTUNE is probably one of the most economical methods of targetting your customers. We are offering advertisement space in our monthly issues at very affordable rates, as follows:

Standard Full-Page RM 1,000Full-Page Back Cover RM 1,500Full-Page Inside Back Cover RM 1,500Full-Page Inside Front Cover RM 1,500

Discounts

5%-20%Discounts of 5%, 10% and 20% are available for placements of 3 months, 6 months and one year, respectively.

For enquiries, please contact :Malaysian Palm Oil Council

2nd. Floor, Wisma SawitLot 6, SS6, Jalan Perbandaran47301, Kelana Jaya Selangor

Tel: 603-7806 4097Fax: 603-7806 2272

E-mail: [email protected]

Malaysian Palm Oil Council (MPOC)2nd Floor Wisma Sawit Lot 6, SS 6, Jalan Perbandaran47301 Kelana Jaya, SelangorTel: 603-7806 4097Fax: 603-7806 2272www.mpoc.org.my

American Palm Oil Council Suite # 690, 21515 Hawthorne Blvd.Torrance CA 90503, USATel: +1 (310) 944 3910Fax: +1 (310) 944 3544www.americanpalmoil.comE-mail: [email protected]: Mohd Salleh Kassim

MPOC Africa Regional Office5 Nollsworth Crescent, Nollsworth ParkLa Lucia Ridge Office Estate,La Lucia 4051, KwaZulu-Natal, South AfricaTel: +27 (31) 5666 171Fax: +27 (31) 5666 170E-mail: [email protected] Address:P.O.Box 1591M.E.C.C. 4301, South AfricaContact: Uthaya Kumar

MPOC Bangladesh62-63 Motijheel Commercial Area,7th Floor, Amin Court Building,Dhaka, BangladeshTel: +88 (02) 9571 216Fax: +88 (02) 9551 836E-mail: [email protected]: Fakhrul Alam

MPOC Shanghai, ChinaShanghai Westgate Mall Co. Ltd.Room 1610B, 1038 Nanjing Rd. (w)Shanghai 200041, P. R. ChinaTel: +86 (21) 6218 2085 / 6218 2086Fax: +86 (21) 6218 1125E-mail: [email protected]: Teah Yau Kun

MPOC Pakistan11 – 3rd Floor, Leeds CentreMain Boulevard Gulberg, 111 Lahore, PakistanTel: +92 (42) 5716 600 / 5716 601Fax: +92 (42) 5716 602E-mail: [email protected]: Faisal Iqbal

MPOC India S-4, New Mahavir Building, Cumballa Hill Road Kemps Corner, Mumbai 400 036Tel: +91 (22) 6655 0755 / 6655 0756Fax: +91 (22) 6655 0757E-mail: [email protected]: Bhavna Shah

MPOC Europe Regional Office31 Avenue Emile Vendervelde1200 Brussels BelgiumTel: +32 (2) 7748 860Fax: +32 (2) 7794 371E-mail: [email protected]: Zainuddin Hassan

MPOC Dubai #202, Al-Safeena Building, Near Lamcy PlazaZabeel Road Dubai, UAETel: +97 (14) 3358 571Fax: +97 (14) 3358 572E-mail: [email protected]: Fatema Jasem Hamidi

MPOC Cairo3 Gamal E1-Din Afify Street, Nasir CityZone No.6, 11371 Cairo, EgyptTel: +20 (2) 2273 8108Fax +20 (2) 2273 8106E-mail: [email protected]: Kamal Azmi

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MPOC Fortune - Nov11 2008

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