Isopropyl Palmitate acts as an emollient and moisturiser as well as a binder and solvent. According to some sources, there is a possibility of comedogenicity. It may not be ideal for oily skin, this is largely dependant on the concentration used and how your skin reacts.

It is made in the same way as isopropyl myristate from the combination of Palmitic Acid (coconut or palm oil) and isopropyl alcohol. This ingredient can be metabolised by enzymes, and tests indicate no allergic reactions or toxicity. 

See also:
Emollient