INRO agrees timetable for selling stockpile

INRO agrees timetable for selling stockpile

KUALA LUMPUR (AFP): The International Natural Rubber
Organization (INRO), which formally wound up in October after two
leading members decided to quit, has announced a timetable for
selling off its 140,000-ton stockpile.

After a five-day meeting ending late Friday, INRO's governing
council said it aimed to sell off 34,000 tons per quarter
depending on market conditions, with the sale to be completed by
June 30, 2001.

The council, according to the official Bernama news agency and
newspapers, said the objective was to get fair prices for members
while avoiding disruption of the market.

The session of the Kuala Lumpur-based body was attended by six
producer and 17 consumer nations and the European Union.
Malaysia, which quit INRO in October, and Thailand -- which will
cease membership next March -- also sent representatives.

Thailand, the world's top rubber producer, and Malaysia, third
after Indonesia, had accused the body of doing too little to
support prices. Sri Lanka had also announced it planned to quit
INRO.

Malaysia and Thailand announced in November they would form a
consortium to buy up INRO stocks. Malaysian Primary Industries
Minister Lim Keng Yaik said details were likely to be finalized
by March.