Sounds like refined palm oil (analogous to "light" olive oil). The main difference is that a lot of carotene and vitamin E is lost compared to red palm oil but I believe the fatty acid breakdown is the same (~50% saturated). It's probably fine for cooking. If it comes from southeast Asia it might not be eco-friendly.
If you can find palm kernel oil, I think that's preferable and more similar to coconut (~85% saturated).