Singapore-listed Wilmar is shaping up to become the Asian version of agribusiness giant Cargill, with an expanding network of farms, food processors and shipping companies.

And it’s showing its muscle where it matters most — in China.

The board of Brazilian state-run energy giant Petroleo Brasileiro SA (PBR), or Petrobras, approved a plan to produce biodiesel in Portugal, in partnership with Galp Energia SGPS SA (GALP.LB), Petrobras said Monday in a statement.

"With total investments estimated at $240 million, some 250,000 tons of biodiesel are expected to be produced in Portugal per year. Production expected to start up in 2015 and will be aimed to supply the European market, with priority to the Iberian market," Petrobras said.

Palm oil producers from Malaysia and Indonesia have set up industry group late Monday as part of its plan to step up their efforts to improve communication and palm oil's image during a wave of negative publicity by environmental groups.