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.