PUTRAJAYA (Oct 25): IOI Corp Bhd is investing RM230 million to expand its oleochemical production plant in Penang, which the group expects to be completed in two years from now.

The expansion will increase the plant's capacity, which stands at 730,000 tonnes a year now, by 15%.

"We are also looking into new businesses for, for example biomass, which is our by-product. We are looking at how we can value add to it," IOI Corp managing director Datuk Lee Yeow Chor told reporters after the group's annual general meeting today.

On the group's replanting activities, Lee said management intends to increase replanting to 7,000-9,000ha per year in the next five years, from the annual 6,000-7,000ha now.

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