Headline News on Palm Oil. March 2022
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Read curated news that impacts the global palm oil industry.
CSPO Watch News. Making it easy for you to follow the palm oil industry
CSPO Watch News. Making it easy for you to follow the palm oil industry
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EU - Industry and campaigners see positives in amendments to EU anti-deforestation law
MEP Christophe Hansen's new ENVI report amending the proposal to end imported deforestation into the EU for certain commodities has been praised by industry and some environmentalists, but not all.
Feed Navigator
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EU-Pacific Agreement (EPA) Gives Papua New Guinea Advantage for Exports to EU Market
Post Courier PNG
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India - Govt extends stock limits on edible oils, oilseeds till December
The government on Thursday extended stock limits on edible oils and oilseeds till December this year in order to check the soaring prices of the commodities due to the current global geopolitical situation. The order in this regard will come into effect from April 1, an official statement said.
In October 2021, the Ministry of Consumer Affairs had imposed stock limits till March 2022, and left the decision to states to decide whether the stock limits should be based on the availability. Economic Times
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India buys Russian sunoil at record high price as Ukraine supplies halt
MUMBAI — India has contracted 45,000 tonnes of Russian sunflower oil at a record high price for shipments in April as edible oil prices in the local market surged after supplies from rival Ukraine stopped, five industry officials told Reuters.
Sunflower oil from Russia could help the world’s biggest edible oil importer in easing the shortfall at a time when availability of vegetable oils is stretched because of Indonesia’s decision to restrict palm oil supplies and lower soybean crop in South America. Financial Post/ Reuters
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Malaysia Prepared to Assist UK, Europe Over Oil Crisis
PETALING JAYA: The Ministry of Plantation Industries and Commodities (MPIC) is prepared to assist the United Kingdom and Europe over their impending edible seed oil supply crisis, Datuk Zuraida Kamarudin (pix) said today.
The British media recently indicated that the UK would run into a cooking oil crisis in weeks as the seed oil supply was choked due to the Russia-Ukraine war.
“We are deeply concerned over the situation in UK and Europe following the ongoing Russia-Ukraine war. And therefore, should the UK and other European nations need our assistance, we are ready to assist with supplying edible palm oil or cooking oil for their domestic and manufacturing needs,“ she said in a statement today.
Zuraida then pointed out that the Malaysian palm oil sustainability fully adheres to the Malaysian Palm Oil
Certification Council (MPOCC), which is based on the Malaysian Sustainable Palm Oil (MSPO) standards, and consistent with the international Roundtable on Sustainable Palm Oil (RSPO) requirements. The Sun Daily
---
Malaysia - MSPO being revised to meet global sustainability standards
MALAYSIAN Palm Oil Board (MPOB) is working on strategies to be implemented across the five thrusts over the National Agricommodity Policy 2021-2030 (DAKN 2030) policy period from 2021-2030.
“MPOB’s strategies in line with DAKN 2030’s five core thrusts — sustainability, productivity, value generation, market development and inclusivity — will accelerate growth of the palm oil sector,” MPOB DG Datuk Dr Ahmad Parveez Ghulam Kadir (picture) said in a statement yesterday. The Malaysian Reserve
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GLOBAL - Food producers reversing palm oil ban amid shortage of sunflower oil
KUALA LUMPUR (March 28): The sudden shortage of sunflower oil supply has forced food producers to reverse their ban on palm oil and return to this vegetable oil as their frying fat and food ingredients.
Iceland supermarket, which in 2018 pledged to remove palm oil from all its own-brand foods, made the turnaround to this wonderful crop.
The supermarket had banned palm oil from its own-brand foods in a stand against tropical deforestation.
Iceland managing director Richard Walker reportedly expressed “huge regret” about having to row back on its pledge to remove palm oil from all of its own-brand items.
“The only alternative to using palm oil under the current circumstances would simply be to clear out our freezers and shelves of a wide range of staples including potato products. The Edge Markets
---
MEP Christophe Hansen's new ENVI report amending the proposal to end imported deforestation into the EU for certain commodities has been praised by industry and some environmentalists, but not all.
Feed Navigator
---
EU-Pacific Agreement (EPA) Gives Papua New Guinea Advantage for Exports to EU Market
Post Courier PNG
---
India - Govt extends stock limits on edible oils, oilseeds till December
The government on Thursday extended stock limits on edible oils and oilseeds till December this year in order to check the soaring prices of the commodities due to the current global geopolitical situation. The order in this regard will come into effect from April 1, an official statement said.
In October 2021, the Ministry of Consumer Affairs had imposed stock limits till March 2022, and left the decision to states to decide whether the stock limits should be based on the availability. Economic Times
---
India buys Russian sunoil at record high price as Ukraine supplies halt
MUMBAI — India has contracted 45,000 tonnes of Russian sunflower oil at a record high price for shipments in April as edible oil prices in the local market surged after supplies from rival Ukraine stopped, five industry officials told Reuters.
Sunflower oil from Russia could help the world’s biggest edible oil importer in easing the shortfall at a time when availability of vegetable oils is stretched because of Indonesia’s decision to restrict palm oil supplies and lower soybean crop in South America. Financial Post/ Reuters
---
Malaysia Prepared to Assist UK, Europe Over Oil Crisis
PETALING JAYA: The Ministry of Plantation Industries and Commodities (MPIC) is prepared to assist the United Kingdom and Europe over their impending edible seed oil supply crisis, Datuk Zuraida Kamarudin (pix) said today.
The British media recently indicated that the UK would run into a cooking oil crisis in weeks as the seed oil supply was choked due to the Russia-Ukraine war.
“We are deeply concerned over the situation in UK and Europe following the ongoing Russia-Ukraine war. And therefore, should the UK and other European nations need our assistance, we are ready to assist with supplying edible palm oil or cooking oil for their domestic and manufacturing needs,“ she said in a statement today.
Zuraida then pointed out that the Malaysian palm oil sustainability fully adheres to the Malaysian Palm Oil
Certification Council (MPOCC), which is based on the Malaysian Sustainable Palm Oil (MSPO) standards, and consistent with the international Roundtable on Sustainable Palm Oil (RSPO) requirements. The Sun Daily
---
Malaysia - MSPO being revised to meet global sustainability standards
MALAYSIAN Palm Oil Board (MPOB) is working on strategies to be implemented across the five thrusts over the National Agricommodity Policy 2021-2030 (DAKN 2030) policy period from 2021-2030.
“MPOB’s strategies in line with DAKN 2030’s five core thrusts — sustainability, productivity, value generation, market development and inclusivity — will accelerate growth of the palm oil sector,” MPOB DG Datuk Dr Ahmad Parveez Ghulam Kadir (picture) said in a statement yesterday. The Malaysian Reserve
---
GLOBAL - Food producers reversing palm oil ban amid shortage of sunflower oil
KUALA LUMPUR (March 28): The sudden shortage of sunflower oil supply has forced food producers to reverse their ban on palm oil and return to this vegetable oil as their frying fat and food ingredients.
Iceland supermarket, which in 2018 pledged to remove palm oil from all its own-brand foods, made the turnaround to this wonderful crop.
The supermarket had banned palm oil from its own-brand foods in a stand against tropical deforestation.
Iceland managing director Richard Walker reportedly expressed “huge regret” about having to row back on its pledge to remove palm oil from all of its own-brand items.
“The only alternative to using palm oil under the current circumstances would simply be to clear out our freezers and shelves of a wide range of staples including potato products. The Edge Markets
---
Australia - Adelaide Zoo stocks ice creams from Peters, not Golden North, despite backlash over palm oil
Adelaide Zoo has defended a decision to award a lucrative ice cream contract to an interstate manufacturer, rather than a local company that promotes its products as palm-oil free.
South Australian company Golden North posted on social media this morning informing customers its contract to supply the zoo had not been renewed.
The company today said it felt like a case of "deja vu", after a similar move to stop selling its products at the zoo in 2014 triggered backlash and community concern over palm oil products before the decision was reversed. ABC AU
---
UK - Iceland Supermarket reverses palm oil ban following Ukraine war
Iceland has been forced to reverse a ban on palm oil amid an acute shortage of sunflower oil, a staple ingredient in frozen chips and breaded fish.
The supermarket chain will start selling a limited range of own-label products from June that contain palm oil after it banned the ingredient in 2018 in a stand against tropical deforestation.
UK food manufacturers have warned that supplies of the commodity could run out in weeks as crops are trapped in Ukraine and Russia, which together account for almost 70pc of the world’s sunflower oil. Telegraph UK
---
Malaysia - MPOB strategises to accelerate palm oil sector’s growth
KUALA LUMPUR (March 28): The Malaysian Palm Oil Board (MPOB) is working towards implementing strategies across five thrusts in line with the National Agricommodity Policy 2021-2030 (DAKN 2030) to accelerate the palm oil sector’s growth.
Director-general Datuk Dr Ahmad Parveez Ghulam Kadir said the MPOB is strengthening its measures and mechanisms, including the nationwide implementation of the Malaysian Sustainable Palm Oil (MSPO) certification scheme to ensure consistency throughout the whole supply chain.
"The MSPO standards are being revised and there are more stringent principles and criteria aligned with global sustainability standards, and traceability requirements are being developed in consultation with stakeholders.
"As of Feb 28, 2022, about 95% of all oil palm planted area in Malaysia has been MSPO-certified," he said in a statement on Monday (March 28).
According to Ahmad Parveez, the MPOB is also assisting smallholders in adopting good agricultural practices, such as optimal fertiliser application, effective pest and disease control, good harvesting practices and field management to achieve maximum yields. The Edge Markets
---
Malaysia, Indonesia palm oil trade to benefit from world economic growth — MPOC
KUALA LUMPUR (March 28): Malaysia and Indonesia will be the focus of international oils and fats trade this year, supported by the projection of a 4% world economic growth and higher demand for vegetable oils, said the Malaysian Palm Oil Council (MPOC).
Chief executive officer Wan Aishah Wan Hamid said demand for vegetable oils is growing in tandem with the economic recovery but supply disruption had caused vegetable oil prices to record high levels, especially over the past few months.
“Palm oil prices skyrocketed in February 2022 and established new record highs, supported by current low stocks and lower production in the two major palm oil-producing countries, Indonesia and Malaysia,” she said in her presentation during the Palm Oil Internet Seminar (Pointers) on Monday (March 28).
Themed “Assessing 2022: Managing Opportunities and Risks”, the seminar features six presentations covering topics such as supply and demand of oils and fats, prices and the market outlook, opportunities for palm oil in Central Asia and the Middle East and North Africa markets, among others. The Edge Markets
---
Adelaide Zoo has defended a decision to award a lucrative ice cream contract to an interstate manufacturer, rather than a local company that promotes its products as palm-oil free.
South Australian company Golden North posted on social media this morning informing customers its contract to supply the zoo had not been renewed.
The company today said it felt like a case of "deja vu", after a similar move to stop selling its products at the zoo in 2014 triggered backlash and community concern over palm oil products before the decision was reversed. ABC AU
---
UK - Iceland Supermarket reverses palm oil ban following Ukraine war
Iceland has been forced to reverse a ban on palm oil amid an acute shortage of sunflower oil, a staple ingredient in frozen chips and breaded fish.
The supermarket chain will start selling a limited range of own-label products from June that contain palm oil after it banned the ingredient in 2018 in a stand against tropical deforestation.
UK food manufacturers have warned that supplies of the commodity could run out in weeks as crops are trapped in Ukraine and Russia, which together account for almost 70pc of the world’s sunflower oil. Telegraph UK
---
Malaysia - MPOB strategises to accelerate palm oil sector’s growth
KUALA LUMPUR (March 28): The Malaysian Palm Oil Board (MPOB) is working towards implementing strategies across five thrusts in line with the National Agricommodity Policy 2021-2030 (DAKN 2030) to accelerate the palm oil sector’s growth.
Director-general Datuk Dr Ahmad Parveez Ghulam Kadir said the MPOB is strengthening its measures and mechanisms, including the nationwide implementation of the Malaysian Sustainable Palm Oil (MSPO) certification scheme to ensure consistency throughout the whole supply chain.
"The MSPO standards are being revised and there are more stringent principles and criteria aligned with global sustainability standards, and traceability requirements are being developed in consultation with stakeholders.
"As of Feb 28, 2022, about 95% of all oil palm planted area in Malaysia has been MSPO-certified," he said in a statement on Monday (March 28).
According to Ahmad Parveez, the MPOB is also assisting smallholders in adopting good agricultural practices, such as optimal fertiliser application, effective pest and disease control, good harvesting practices and field management to achieve maximum yields. The Edge Markets
---
Malaysia, Indonesia palm oil trade to benefit from world economic growth — MPOC
KUALA LUMPUR (March 28): Malaysia and Indonesia will be the focus of international oils and fats trade this year, supported by the projection of a 4% world economic growth and higher demand for vegetable oils, said the Malaysian Palm Oil Council (MPOC).
Chief executive officer Wan Aishah Wan Hamid said demand for vegetable oils is growing in tandem with the economic recovery but supply disruption had caused vegetable oil prices to record high levels, especially over the past few months.
“Palm oil prices skyrocketed in February 2022 and established new record highs, supported by current low stocks and lower production in the two major palm oil-producing countries, Indonesia and Malaysia,” she said in her presentation during the Palm Oil Internet Seminar (Pointers) on Monday (March 28).
Themed “Assessing 2022: Managing Opportunities and Risks”, the seminar features six presentations covering topics such as supply and demand of oils and fats, prices and the market outlook, opportunities for palm oil in Central Asia and the Middle East and North Africa markets, among others. The Edge Markets
---
Unilever Applies GreenToken to Sustainably Source Palm Fruit
n a successful proof of concept in Indonesia, Unilever applied GreenToken to sustainably source more than 188,000 tons of oil palm fruit. SAP and Unilever are using a pilot of the GreenToken by SAP solution to further increase traceability and transparency in Unilever’s global palm oil supply chain. The tool enabled Golden Agri-Resources and other suppliers from whom Unilever sources to create tokens that mirror the material flow of the palm oil throughout the supply chain and capture the unique attributes linked to the oil’s origin.
Raw materials like palm oil are often mixed with physically identical raw materials, from both verified sustainable and non-verified sources, after the “first mile” of the supply chain, causing the origin information to be either hidden or lost.
“With GreenToken, we want to bring the same traceability and supply chain transparency to bulk raw materials that you get from scanning a bar or QR code on any consumer product,” Environmental Leader
---
Nigeria - Palm Oil Can Create Over Two Million Jobs For Nigerians, If Developed- Itsekure
· We're working hard to recover funds looted from Nana by the British - Erikowa
One of the resource persons at the just concluded maiden Warri North Economic Summit, Sir Matthew Itsekure, says Palm Oil can create over two million jobs for Nigerians, especially indigenes of Warri North Local Government Area and other parts of Delta State, if properly harnessed.
Sir Itsekure, posited that oil palm development in Ajagbodudu Community alone, has the potential of improving the internally generated revenue profile of Warri North Local Government Council as well as that of Delta State Government.
According to him, every community in Warri North Local Government Area, has what it takes to survive, saying palm oil, is the future of Nigeria's economy.
He berated Delta State Government for not doing enough in developing the oil palm industry and called on investors, community leaders, government and other relevant stakeholders, to invest in the oil palm sector.
Sir Itsekure, said Malaysia came to Ajagbodudu Community many years back, to take palm seed and used it to positively transform their economy, urging leaders in Warri North Local Government Area, to do same. Fresh AngleNG
---
Nigeria - Obaseki reforms: $500m investment in oil palm plantations boosts Edo’s agric sector
The infusion of $500 million in investment into the development of oil palm estates and plantations has given a new lease of life to the state’s agricultural sector, leading to increased productivity and better livelihoods in the state.
This was disclosed by the Edo State Governor, Mr. Godwin Obaseki, during a chat with journalists, noting that the reforms initiated by the state government have led to an improved business environment.
According to him, “In agriculture, we have attracted almost $500 million investment into palm oil cultivation having allocated the first phase of 60,000 hectares of land under the Edo State Oil Palm Production Programme (ESOPP). Nigeria has not witnessed this scale of oil palm cultivation since independence.” He added: “We placed the people at the center of our politics, which led to huge investment in human capital development, particularly across all tiers of the state’s education system, starting with the Edo Basic Education Sector Transformation (EdoBEST) programme, which has transformed the lives of over 400,000 pupils across the state and improved learning outcomes. VanguardNGR
---
Pakistan - Government cuts 10% import duty on palm oil
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin approved the tax relief of 10 per cent on the import of edible oil for the month of April and May.
The Finance Minister on Friday presided over a meeting to discuss the situation regarding the availability of edible oil.
The chair was apprised that the monthly average retail prices of Refined, bleached, and deodorised (RBD) palm oil are highly volatile and have increased almost twice compared with last year. In January, there was a significant increase of Rs1,351/tonne in its prices.
To deal with the expected shortfall during the month of Ramazan due to a hike in the prices of edible oil, it was decided to provide a temporary relief to the masses by reducing the import duty on the commodity to keep the prices under control and within the reach of people. Bol News
---
n a successful proof of concept in Indonesia, Unilever applied GreenToken to sustainably source more than 188,000 tons of oil palm fruit. SAP and Unilever are using a pilot of the GreenToken by SAP solution to further increase traceability and transparency in Unilever’s global palm oil supply chain. The tool enabled Golden Agri-Resources and other suppliers from whom Unilever sources to create tokens that mirror the material flow of the palm oil throughout the supply chain and capture the unique attributes linked to the oil’s origin.
Raw materials like palm oil are often mixed with physically identical raw materials, from both verified sustainable and non-verified sources, after the “first mile” of the supply chain, causing the origin information to be either hidden or lost.
“With GreenToken, we want to bring the same traceability and supply chain transparency to bulk raw materials that you get from scanning a bar or QR code on any consumer product,” Environmental Leader
---
Nigeria - Palm Oil Can Create Over Two Million Jobs For Nigerians, If Developed- Itsekure
· We're working hard to recover funds looted from Nana by the British - Erikowa
One of the resource persons at the just concluded maiden Warri North Economic Summit, Sir Matthew Itsekure, says Palm Oil can create over two million jobs for Nigerians, especially indigenes of Warri North Local Government Area and other parts of Delta State, if properly harnessed.
Sir Itsekure, posited that oil palm development in Ajagbodudu Community alone, has the potential of improving the internally generated revenue profile of Warri North Local Government Council as well as that of Delta State Government.
According to him, every community in Warri North Local Government Area, has what it takes to survive, saying palm oil, is the future of Nigeria's economy.
He berated Delta State Government for not doing enough in developing the oil palm industry and called on investors, community leaders, government and other relevant stakeholders, to invest in the oil palm sector.
Sir Itsekure, said Malaysia came to Ajagbodudu Community many years back, to take palm seed and used it to positively transform their economy, urging leaders in Warri North Local Government Area, to do same. Fresh AngleNG
---
Nigeria - Obaseki reforms: $500m investment in oil palm plantations boosts Edo’s agric sector
The infusion of $500 million in investment into the development of oil palm estates and plantations has given a new lease of life to the state’s agricultural sector, leading to increased productivity and better livelihoods in the state.
This was disclosed by the Edo State Governor, Mr. Godwin Obaseki, during a chat with journalists, noting that the reforms initiated by the state government have led to an improved business environment.
According to him, “In agriculture, we have attracted almost $500 million investment into palm oil cultivation having allocated the first phase of 60,000 hectares of land under the Edo State Oil Palm Production Programme (ESOPP). Nigeria has not witnessed this scale of oil palm cultivation since independence.” He added: “We placed the people at the center of our politics, which led to huge investment in human capital development, particularly across all tiers of the state’s education system, starting with the Edo Basic Education Sector Transformation (EdoBEST) programme, which has transformed the lives of over 400,000 pupils across the state and improved learning outcomes. VanguardNGR
---
Pakistan - Government cuts 10% import duty on palm oil
ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin approved the tax relief of 10 per cent on the import of edible oil for the month of April and May.
The Finance Minister on Friday presided over a meeting to discuss the situation regarding the availability of edible oil.
The chair was apprised that the monthly average retail prices of Refined, bleached, and deodorised (RBD) palm oil are highly volatile and have increased almost twice compared with last year. In January, there was a significant increase of Rs1,351/tonne in its prices.
To deal with the expected shortfall during the month of Ramazan due to a hike in the prices of edible oil, it was decided to provide a temporary relief to the masses by reducing the import duty on the commodity to keep the prices under control and within the reach of people. Bol News
---
Indonesia, Malaysia commit to biodiesel mandates despite higher prices
JAKARTA, March 24 (Reuters) - Top palm oil producers Indonesia and Malaysia remain committed to their mandatory biodiesel programmes despite higher prices of the feedstock to reach green energy goals, senior officials said on Thursday.
Indonesia and Malaysia use palm oil as blending for biodiesel, with Indonesia since early 2020 using a mandatory B30 - a biodiesel containing 30% of palm-based fuel - the highest mandatory mix in the world, to slash imports of diesel fuel. Reuters
---
Indonesia - Economic value of biodiesel at US$4 billion: Energy Ministry
Jakarta (ANTARA) - The Ministry of Energy and Mineral Resources is committed to continuing the mandatory biodiesel program given that the commodity has a large economic value, which reached US$4 billion in 2021.
"In 2021, the economic value from the implementation of B30 reached more than US$4 billion, and it has succeeded in reducing greenhouse gas emissions by up to 25 million carbon dioxide equivalent," said Minister of Energy and Mineral Resources, Arifin Tasrif, in a statement issued here on Thursday.
The government is not only working on developing B30, but also planning to develop green fuel, he added.
Currently, the government is conducting several comprehensive studies, including preparing a techno-economic study, regulatory framework, incentive facilities, infrastructure, setting product quality standards, as well as developing supporting industries. Antara News
---
Malaysia remains committed to implementing nationwide adoption of B20 palm biodiesel
KUALA LUMPUR (March 24): Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said that Malaysia remains committed to implementing nationwide adoption of the B20 palm oil biofuel programme despite current high crude palm oil prices.
The B20 palm oil biofuel programme to manufacture biofuel with a 20% palm oil blend for the transport sector was first introduced in January 2020, two months before the Covid-19 pandemic caused a setback to its progress.
The minister added that the B20 palm oil biofuel programme is also part of the government’s National Agri-commodity Policy 2021-2030 announced on March 9, 2022.
“Despite the [current] high price of palm oil, the government is committed to maintaining the biodiesel blending ratio and plans to introduce higher biodiesel blends such as B30 in the future. MSN
---
Indonesia - Government optimizes use of alternative energy sources from POME
Jakarta (ANTARA) - The Indonesian government optimizes the use of alternative energy sources from biogas power plants (PLTBg) that produce green energy from palm oil liquid waste (POME) to achieve the country's new and renewable energy mix target.
Director of Bioenergy, Directorate General of New, Renewable Energy and Energy Conservation of the Ministry of Energy and Mineral Resources, Edi Wibowo, remarked that the installed capacity of bioenergy plants until 2021 had reached 1,921 megawatts, far from the 5.5-gigawatt target planned to be achieved in 2025.
"The achievement of PLTBg is still quite low, at 120 megawatts. This can continue to be optimized to fulfill the target of achieving the energy mix. During the period from 2022 to 2024, some 50 megawatts of PLTBg are expected to be realized," Wibowo noted in a statement here, Wednesday. Antara News
---
Red gold: the rise and fall of West Africa’s palm oil empire
For thousands of years, the oil palm - indigenous to West Africa – has had an intimate relationship with people. An explosive expansion of oil palm groves throughout western and central Africa in the wake of a dry period around 2,500 years ago enabled human migration and agricultural development; in turn, humans facilitated oil palm propagation through seed dispersal and slash-and-burn agriculture.
Archaeological evidence shows that palm fruit and their oil already formed an integral part of West African diets 5,000 years ago.
With the exception of “royal” oil palm plantations, established in the 18th century for palm wine in the Kingdom of Dahomey, all of West Africa’s oil palms grew in wild and semi-wild groves. The Conversation
---
Nepal's exports at a record Rs 147.75bn
KATHMANDU, MARCH 22The country's merchandise exports in the first eight months of the current fiscal year outpaced the total exports of fiscal 2020-21, setting a new all-time high record.The country's exports soared by 82.90 per cent to Rs 147.75 billion in between mid-July to mid-March against Rs 80.78 billion recorded in the same period of previous fiscal, according to the Nepal Foreign Trade Statistics unveiled by the Department of Customs (DoC). Nepal's total merchandise exports in the last fiscal year stood at Rs 141.12 billion, a previous record high."The main reason for the exponential growth in exports was due to increased exports of refined soyabean oil and refined palm oil," explained Punya Bikram Khadka, director of DoC. The Himalaya Times
---
Liberia: Actors Want Women’s Rights Mainstreamed in Agriculture, Land Sectors
Stakeholders have agreed to mainstream gender equity and inclusion across the agriculture, land, and forestry sectors in Liberia.
The enforcement of gender policies across these sectors has been largely hampered by access to information, a coordinated strategy, traditional practices and norms, capacity, and budgetary constraints.
Women in Liberia make important contributions to both the agriculture and land sectors, but they continue to play limited roles in leadership structures determining the fate of these industries. They produce over half of the country’s food crops, creating 60 percent of agricultural products, and carrying out 80 percent of trading activities in rural areas, studies showed. Meeting the global food needs increasingly depends on the mainstreaming of gender issues into the agriculture and forestry sectors, and would enhance the resource capability of women, according to a World Bank report, but that has been missing. Liberian Observer
---
JAKARTA, March 24 (Reuters) - Top palm oil producers Indonesia and Malaysia remain committed to their mandatory biodiesel programmes despite higher prices of the feedstock to reach green energy goals, senior officials said on Thursday.
Indonesia and Malaysia use palm oil as blending for biodiesel, with Indonesia since early 2020 using a mandatory B30 - a biodiesel containing 30% of palm-based fuel - the highest mandatory mix in the world, to slash imports of diesel fuel. Reuters
---
Indonesia - Economic value of biodiesel at US$4 billion: Energy Ministry
Jakarta (ANTARA) - The Ministry of Energy and Mineral Resources is committed to continuing the mandatory biodiesel program given that the commodity has a large economic value, which reached US$4 billion in 2021.
"In 2021, the economic value from the implementation of B30 reached more than US$4 billion, and it has succeeded in reducing greenhouse gas emissions by up to 25 million carbon dioxide equivalent," said Minister of Energy and Mineral Resources, Arifin Tasrif, in a statement issued here on Thursday.
The government is not only working on developing B30, but also planning to develop green fuel, he added.
Currently, the government is conducting several comprehensive studies, including preparing a techno-economic study, regulatory framework, incentive facilities, infrastructure, setting product quality standards, as well as developing supporting industries. Antara News
---
Malaysia remains committed to implementing nationwide adoption of B20 palm biodiesel
KUALA LUMPUR (March 24): Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin said that Malaysia remains committed to implementing nationwide adoption of the B20 palm oil biofuel programme despite current high crude palm oil prices.
The B20 palm oil biofuel programme to manufacture biofuel with a 20% palm oil blend for the transport sector was first introduced in January 2020, two months before the Covid-19 pandemic caused a setback to its progress.
The minister added that the B20 palm oil biofuel programme is also part of the government’s National Agri-commodity Policy 2021-2030 announced on March 9, 2022.
“Despite the [current] high price of palm oil, the government is committed to maintaining the biodiesel blending ratio and plans to introduce higher biodiesel blends such as B30 in the future. MSN
---
Indonesia - Government optimizes use of alternative energy sources from POME
Jakarta (ANTARA) - The Indonesian government optimizes the use of alternative energy sources from biogas power plants (PLTBg) that produce green energy from palm oil liquid waste (POME) to achieve the country's new and renewable energy mix target.
Director of Bioenergy, Directorate General of New, Renewable Energy and Energy Conservation of the Ministry of Energy and Mineral Resources, Edi Wibowo, remarked that the installed capacity of bioenergy plants until 2021 had reached 1,921 megawatts, far from the 5.5-gigawatt target planned to be achieved in 2025.
"The achievement of PLTBg is still quite low, at 120 megawatts. This can continue to be optimized to fulfill the target of achieving the energy mix. During the period from 2022 to 2024, some 50 megawatts of PLTBg are expected to be realized," Wibowo noted in a statement here, Wednesday. Antara News
---
Red gold: the rise and fall of West Africa’s palm oil empire
For thousands of years, the oil palm - indigenous to West Africa – has had an intimate relationship with people. An explosive expansion of oil palm groves throughout western and central Africa in the wake of a dry period around 2,500 years ago enabled human migration and agricultural development; in turn, humans facilitated oil palm propagation through seed dispersal and slash-and-burn agriculture.
Archaeological evidence shows that palm fruit and their oil already formed an integral part of West African diets 5,000 years ago.
With the exception of “royal” oil palm plantations, established in the 18th century for palm wine in the Kingdom of Dahomey, all of West Africa’s oil palms grew in wild and semi-wild groves. The Conversation
---
Nepal's exports at a record Rs 147.75bn
KATHMANDU, MARCH 22The country's merchandise exports in the first eight months of the current fiscal year outpaced the total exports of fiscal 2020-21, setting a new all-time high record.The country's exports soared by 82.90 per cent to Rs 147.75 billion in between mid-July to mid-March against Rs 80.78 billion recorded in the same period of previous fiscal, according to the Nepal Foreign Trade Statistics unveiled by the Department of Customs (DoC). Nepal's total merchandise exports in the last fiscal year stood at Rs 141.12 billion, a previous record high."The main reason for the exponential growth in exports was due to increased exports of refined soyabean oil and refined palm oil," explained Punya Bikram Khadka, director of DoC. The Himalaya Times
---
Liberia: Actors Want Women’s Rights Mainstreamed in Agriculture, Land Sectors
Stakeholders have agreed to mainstream gender equity and inclusion across the agriculture, land, and forestry sectors in Liberia.
The enforcement of gender policies across these sectors has been largely hampered by access to information, a coordinated strategy, traditional practices and norms, capacity, and budgetary constraints.
Women in Liberia make important contributions to both the agriculture and land sectors, but they continue to play limited roles in leadership structures determining the fate of these industries. They produce over half of the country’s food crops, creating 60 percent of agricultural products, and carrying out 80 percent of trading activities in rural areas, studies showed. Meeting the global food needs increasingly depends on the mainstreaming of gender issues into the agriculture and forestry sectors, and would enhance the resource capability of women, according to a World Bank report, but that has been missing. Liberian Observer
---
Palm biodiesel conference aims to bolster cooperation, investment
JAKARTA (March 21): The third Palm Biodiesel Conference that will take place in Yogyakarta, Indonesia on March 24 is an opportunity to strengthen cooperation and investment, as well as addressing the challengers in developing sustainable and environment-friendly, carbon neutral and renewable energy.
Co-organisers Indonesia Biofuels Producer Association (APROBI) and Council of Palm Oil Producing Countries (CPOPC) opine that palm biodiesel is part of energy transition that also contributes to the decarbonisation of the transport sector.
Therefore, better understanding, support and collaborative actions by palm oil producing countries, the associations and other stakeholders are key for the future of biodiesel and biofuel, the co-organisers noted in a statement Monday (March 21). The Edge Markets
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Report: Food-system change ‘startlingly absent’ from countries’ climate change commitments
Food systems account for roughly a third of global greenhouse emissions worldwide, yet a new analysis finds that strategies to reform how food is grown, processed and consumed are “startlingly absent” from most countries’ plans to tackle climate change.
The assessment, from the Global Alliance for the Future of Food, looked at how 14 countries — including the U.S., China, Germany, the UK and Senegal — propose to cut greenhouse gas emissions. The analysis focused on the role food systems play in the plans, called Nationally Determined Contributions, that nations were required to update or create ahead of the most recent United Nations Climate Change Conference (COP26), held last fall in Glasgow. In addition to spelling out how countries will cut emissions, these plans also serve as a metric that can be used to measure progress toward addressing climate change. FERN News
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Malaysia - Malaysia ratifies Protocol 29, aims to eradicate forced labour
KUALA LUMPUR: Malaysia has inched closer towards eradicating forced labour after it formally ratified the International Labour Organisation (ILO) known as Protocol 29 (P29).
Human Resources Minister Datuk S. Saravanan described it as a historic moment for Malaysia.
“We will be the fifth country in the Asia Pacific to ratify P29 and the second country in Asean alongside Vietnam,” he said in a telephone interview from Geneva, Switzerland early Tuesday (March 22) morning.
Saravanan said the ratifications “will pave the way forward in advancing social justice and promoting decent work in the country.” The Star MY
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JAKARTA (March 21): The third Palm Biodiesel Conference that will take place in Yogyakarta, Indonesia on March 24 is an opportunity to strengthen cooperation and investment, as well as addressing the challengers in developing sustainable and environment-friendly, carbon neutral and renewable energy.
Co-organisers Indonesia Biofuels Producer Association (APROBI) and Council of Palm Oil Producing Countries (CPOPC) opine that palm biodiesel is part of energy transition that also contributes to the decarbonisation of the transport sector.
Therefore, better understanding, support and collaborative actions by palm oil producing countries, the associations and other stakeholders are key for the future of biodiesel and biofuel, the co-organisers noted in a statement Monday (March 21). The Edge Markets
---
Report: Food-system change ‘startlingly absent’ from countries’ climate change commitments
Food systems account for roughly a third of global greenhouse emissions worldwide, yet a new analysis finds that strategies to reform how food is grown, processed and consumed are “startlingly absent” from most countries’ plans to tackle climate change.
The assessment, from the Global Alliance for the Future of Food, looked at how 14 countries — including the U.S., China, Germany, the UK and Senegal — propose to cut greenhouse gas emissions. The analysis focused on the role food systems play in the plans, called Nationally Determined Contributions, that nations were required to update or create ahead of the most recent United Nations Climate Change Conference (COP26), held last fall in Glasgow. In addition to spelling out how countries will cut emissions, these plans also serve as a metric that can be used to measure progress toward addressing climate change. FERN News
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Malaysia - Malaysia ratifies Protocol 29, aims to eradicate forced labour
KUALA LUMPUR: Malaysia has inched closer towards eradicating forced labour after it formally ratified the International Labour Organisation (ILO) known as Protocol 29 (P29).
Human Resources Minister Datuk S. Saravanan described it as a historic moment for Malaysia.
“We will be the fifth country in the Asia Pacific to ratify P29 and the second country in Asean alongside Vietnam,” he said in a telephone interview from Geneva, Switzerland early Tuesday (March 22) morning.
Saravanan said the ratifications “will pave the way forward in advancing social justice and promoting decent work in the country.” The Star MY
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Indonesia-Malaysia agree on MoU on placement, protection of domestic workers
JAKARTA – The Indonesian and Malaysian governments reached an agreement on the final draft of a memorandum of understanding (MoU) on the placement and protection of Indonesian Domestic Workers (PDIs) in Malaysia.
The Indonesian Ministry of Manpower tweeted that the schedule for signing the MoU between its minister Ida Fauziyah and Human Resources Minister Datuk Seri M. Saravanan is being determined.
The MoU agreed on salaries, weekly and annual leave entitlement, the right to communicate, a ban on withholding passports and on one PDI only serving a household not exceeding six people, among others.
‘One channel system’ will be introduced to integrate the PDI placement process starting from recruitment, preparation, departure, placement and returning monitored by the government.
The PDI MoU was signed for the first time on May 13, 2006 in Bali and subsequently, the Protocol to Amend the PDI MoU was signed on May 31, 2011 in Bandung which expired on May 30, 2016. The Malaysian Reserve
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Dutch sunflower oil supply could run out in just four weeks
Severe shortages caused by the ongoing war in Ukraine mean that the Netherlands’ supplies of sunflower oil could run out in four to six weeks, the Federation of the Dutch Food Industry (FNLI) has warned.
The Netherlands faces severe shortage of sunflower oil
Alongside its status as a major exporter of grain, Ukraine also serves as one of Europe’s main producers of vegetable oil. Two-thirds of the Netherlands’ sunflower oil stock is imported from Ukraine, but as the war between Russia and Ukraine continues, those working for supermarkets and in the food industry are concerned about future shortages of this key cooking ingredient.
The FNLI warns that the Netherlands could run out of sunflower oil in just four to six weeks, but has reassured the public by announcing that factories and producers are looking for alternatives, such as rapeseed oil, linseed oil, or palm oil. Iamexpat
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Malaysia - Gov’t seeking long-term solution to Felda issues
JELI – The government, through the Economic Planning Unit (EPU) of the Prime Minister’s Department, will conduct a comprehensive study to find long-term solutions to address issues related to the Federal Land Development Authority (Felda) nationwide.
Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed said the study will be carried out to transform Felda into modern and progressive settlements.
“The study, which will begin in three months, will also involve EPU engagement with Felda management as well as all settlers, including Majlis Belia Felda Malaysia (MBFM) and Kami Anak Felda (KAF) to ensure that the aspirations of these groups, especially the second Felda generation, are given attention accordingly.
“The study will also serve as a guideline towards the sustainability of Felda by increasing its commercial value and providing opportunities for economic activities and employment,” he told reporters after officiating the Tourism Infrastructure Project in Bukit Salor here today.
Mustapa, who is also the Jeli MP, said the government is of the view that all the efforts must be carried out in a more holistic and structured manner so that they would benefit Felda settlers. The Malaysian Reserve
JAKARTA – The Indonesian and Malaysian governments reached an agreement on the final draft of a memorandum of understanding (MoU) on the placement and protection of Indonesian Domestic Workers (PDIs) in Malaysia.
The Indonesian Ministry of Manpower tweeted that the schedule for signing the MoU between its minister Ida Fauziyah and Human Resources Minister Datuk Seri M. Saravanan is being determined.
The MoU agreed on salaries, weekly and annual leave entitlement, the right to communicate, a ban on withholding passports and on one PDI only serving a household not exceeding six people, among others.
‘One channel system’ will be introduced to integrate the PDI placement process starting from recruitment, preparation, departure, placement and returning monitored by the government.
The PDI MoU was signed for the first time on May 13, 2006 in Bali and subsequently, the Protocol to Amend the PDI MoU was signed on May 31, 2011 in Bandung which expired on May 30, 2016. The Malaysian Reserve
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Dutch sunflower oil supply could run out in just four weeks
Severe shortages caused by the ongoing war in Ukraine mean that the Netherlands’ supplies of sunflower oil could run out in four to six weeks, the Federation of the Dutch Food Industry (FNLI) has warned.
The Netherlands faces severe shortage of sunflower oil
Alongside its status as a major exporter of grain, Ukraine also serves as one of Europe’s main producers of vegetable oil. Two-thirds of the Netherlands’ sunflower oil stock is imported from Ukraine, but as the war between Russia and Ukraine continues, those working for supermarkets and in the food industry are concerned about future shortages of this key cooking ingredient.
The FNLI warns that the Netherlands could run out of sunflower oil in just four to six weeks, but has reassured the public by announcing that factories and producers are looking for alternatives, such as rapeseed oil, linseed oil, or palm oil. Iamexpat
---
Malaysia - Gov’t seeking long-term solution to Felda issues
JELI – The government, through the Economic Planning Unit (EPU) of the Prime Minister’s Department, will conduct a comprehensive study to find long-term solutions to address issues related to the Federal Land Development Authority (Felda) nationwide.
Minister in the Prime Minister’s Department (Economy), Datuk Seri Mustapa Mohamed said the study will be carried out to transform Felda into modern and progressive settlements.
“The study, which will begin in three months, will also involve EPU engagement with Felda management as well as all settlers, including Majlis Belia Felda Malaysia (MBFM) and Kami Anak Felda (KAF) to ensure that the aspirations of these groups, especially the second Felda generation, are given attention accordingly.
“The study will also serve as a guideline towards the sustainability of Felda by increasing its commercial value and providing opportunities for economic activities and employment,” he told reporters after officiating the Tourism Infrastructure Project in Bukit Salor here today.
Mustapa, who is also the Jeli MP, said the government is of the view that all the efforts must be carried out in a more holistic and structured manner so that they would benefit Felda settlers. The Malaysian Reserve
Indonesia - New Indonesian deforestation update provided in talks with US SPEC delegation team
JAKARTA (FORESTHINTS.NEWS) - In a meeting with a team of delegates from the US Special Presidential Envoy for Climate (SPEC) John Kerry led by Senior Advisor Robert O. Blake Jr. (Mar 15), Indonesian Environment and Forestry Minister Siti Nurbaya delivered the latest update on deforestation in the country, which was lower in 2020/2021 compared to the previous period (2019/2020).
As reported in detail by FORESTHINTS.NEWS, Minister Nurbaya announced in early March last year that deforestation across Indonesia in 2019/2020 stood at 115 thousand hectares, in itself a dramatic drop of 75% from the 2018/2019 period.
"Indonesia, under the leadership of President Joko Widodo, has consistently managed to substantially reduce deforestation. Deforestation in Indonesia during the 2020/2021 period was once again down from the previous period," Minister Nurbaya explained at the meeting.
Indonesia has maintained a downward trend in deforestation, especially marked in the last two periods, despite the ongoing global pandemic.
"This continuous decline in deforestation reflects Indonesia's efforts towards FOLU (Forestry and Other Land Use) NET SINK 2030," the minister asserted, having recently announced the release of the operational plan of the FOLU climate actions, as also covered by FORESTHINTS.NEWS.
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Indonesia takes U-turn to replace palm oil export curbs with levy
JAKARTA — Indonesia will remove export restrictions on palm oil products and raise its export levy instead, its trade minister said on Thursday, only a week after the world’s biggest exporter of the edible oil shocked markets by further tightening its curbs.
The Southeast Asian country has since last week required companies to sell 30% of their planned exports of crude palm oil or olein at home, up from 20% imposed in January, under a so-called domestic market obligation (DMO) aimed at ensuring local supply amid soaring cooking oil prices. Financial Post
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Malaysia’s trade reaches RM1.06 trillion in February
MALAYSIA’s trade rose 17.5% to RM1.06 trillion in February 2022, from the same period last year, according to the Ministry of International Trade and Industry (MITI).
The country’s exports surpassed the RM100 billion mark for the first time in February, which registered an increase of 16.8% to RM102.27 billion.
“The export growth was boosted by higher shipments of electrical and electronic (E&E) products driven by global digitalisation trends as well as palm oil and palm oil-based agriculture products which was supported by higher prices of crude palm oil (CPO),” MITI said in a statement on Friday. The Malaysian Reserve
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Malaysia - Windfall tax on palm oil to exceed RM1bil in 2022, says minister
KUALA LUMPUR: The government is expected to collect more than RM1 billion in windfall profit tax levy in 2022 based on the projected average crude palm oil price of RM4,250 per tonne and the production level of 19 million tonnes.
Plantation industries and commodities minister Zuraida Kamaruddin said the palm oil industry is also estimated to generate another RM2 billion in revenue from export tax this year.
“This development is timely considering that the government has spent billions of ringgit over the past two years to help tide over Malaysians impacted by Covid-19 and the economic slump. Free Malaysia Today
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Malaysia - Lulu Hypermarket to screen, select MSPO-certified companies to enter UAE
KUALA LUMPUR (March 17): Conglomerate Lulu Group International will select a number of Malaysian Sustainable Palm Oil (MSPO)-certified companies to help expand their market in the United Arab Emirates (UAE), as well as penetrate other countries including India.
This follows the Memorandum of Understanding signed between the Malaysian Palm Oil Council (MPOC) and Lulu Group during the recent World Expo 2020 in Dubai and the Trade and Investment Mission led by Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali last year.
“Out of the 43 palm oil-based companies showcasing their products today, Lulu, which operates a chain of hypermarkets and retail companies, will select some companies that are MSPO-certified and export-ready, producing products ranging from cooking oil, cosmetics, beverages, frozen food, pharmaceuticals, and confectionery,” MPOC chief executive officer (CEO) Wan Aishah Wan Hamid told Bernama on Thursday (March 17). The Edge Markets
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JAKARTA (FORESTHINTS.NEWS) - In a meeting with a team of delegates from the US Special Presidential Envoy for Climate (SPEC) John Kerry led by Senior Advisor Robert O. Blake Jr. (Mar 15), Indonesian Environment and Forestry Minister Siti Nurbaya delivered the latest update on deforestation in the country, which was lower in 2020/2021 compared to the previous period (2019/2020).
As reported in detail by FORESTHINTS.NEWS, Minister Nurbaya announced in early March last year that deforestation across Indonesia in 2019/2020 stood at 115 thousand hectares, in itself a dramatic drop of 75% from the 2018/2019 period.
"Indonesia, under the leadership of President Joko Widodo, has consistently managed to substantially reduce deforestation. Deforestation in Indonesia during the 2020/2021 period was once again down from the previous period," Minister Nurbaya explained at the meeting.
Indonesia has maintained a downward trend in deforestation, especially marked in the last two periods, despite the ongoing global pandemic.
"This continuous decline in deforestation reflects Indonesia's efforts towards FOLU (Forestry and Other Land Use) NET SINK 2030," the minister asserted, having recently announced the release of the operational plan of the FOLU climate actions, as also covered by FORESTHINTS.NEWS.
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Indonesia takes U-turn to replace palm oil export curbs with levy
JAKARTA — Indonesia will remove export restrictions on palm oil products and raise its export levy instead, its trade minister said on Thursday, only a week after the world’s biggest exporter of the edible oil shocked markets by further tightening its curbs.
The Southeast Asian country has since last week required companies to sell 30% of their planned exports of crude palm oil or olein at home, up from 20% imposed in January, under a so-called domestic market obligation (DMO) aimed at ensuring local supply amid soaring cooking oil prices. Financial Post
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Malaysia’s trade reaches RM1.06 trillion in February
MALAYSIA’s trade rose 17.5% to RM1.06 trillion in February 2022, from the same period last year, according to the Ministry of International Trade and Industry (MITI).
The country’s exports surpassed the RM100 billion mark for the first time in February, which registered an increase of 16.8% to RM102.27 billion.
“The export growth was boosted by higher shipments of electrical and electronic (E&E) products driven by global digitalisation trends as well as palm oil and palm oil-based agriculture products which was supported by higher prices of crude palm oil (CPO),” MITI said in a statement on Friday. The Malaysian Reserve
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Malaysia - Windfall tax on palm oil to exceed RM1bil in 2022, says minister
KUALA LUMPUR: The government is expected to collect more than RM1 billion in windfall profit tax levy in 2022 based on the projected average crude palm oil price of RM4,250 per tonne and the production level of 19 million tonnes.
Plantation industries and commodities minister Zuraida Kamaruddin said the palm oil industry is also estimated to generate another RM2 billion in revenue from export tax this year.
“This development is timely considering that the government has spent billions of ringgit over the past two years to help tide over Malaysians impacted by Covid-19 and the economic slump. Free Malaysia Today
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Malaysia - Lulu Hypermarket to screen, select MSPO-certified companies to enter UAE
KUALA LUMPUR (March 17): Conglomerate Lulu Group International will select a number of Malaysian Sustainable Palm Oil (MSPO)-certified companies to help expand their market in the United Arab Emirates (UAE), as well as penetrate other countries including India.
This follows the Memorandum of Understanding signed between the Malaysian Palm Oil Council (MPOC) and Lulu Group during the recent World Expo 2020 in Dubai and the Trade and Investment Mission led by Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali last year.
“Out of the 43 palm oil-based companies showcasing their products today, Lulu, which operates a chain of hypermarkets and retail companies, will select some companies that are MSPO-certified and export-ready, producing products ranging from cooking oil, cosmetics, beverages, frozen food, pharmaceuticals, and confectionery,” MPOC chief executive officer (CEO) Wan Aishah Wan Hamid told Bernama on Thursday (March 17). The Edge Markets
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UK - During 2022, Efeca is running a new series of webinars, funded by the UK government’s Partnerships for Forests programme around sustainable commodities.
#1 Vegetable oils in a changing world: the role of sustainable palm oil in fighting the climate emergency. Why is sustainable palm oil important? How can it help to combat global warming? Why we all have a responsibility to act throughout the supply chain? This webinar attempted to tackle these questions and explore the surrounding issues, including the need for balanced communication about sustainable palm oil, the consequences that must be considered if we are to use alternatives to palm oil, and the role that we all have to play.
Efeca
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Malaysia - US unfairly sanctioned palm oil producer because it employed people on parole, says Zuraida
KUALA LUMPUR: The US Customs and Border Protection (CBP) has accused Sime Darby Plantations Bhd of forced labour just because the company employed parolees, says Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin(pic).
She argued that labelling working parolees as forced labour was against the spirit of UN Sustainable Development Goals, which call for inclusivity and an end to discrimination against vulnerable groups.
She said she would lead a delegation to the United States for a meeting with the CBP, which issued a withhold release order (WRO) in December 2020 on palm oil produced by Sime Darby due to the forced labour allegations.
The StarMY
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EU urged to pass legislation banning all imports linked to deforestation
Brazilian environmental groups urged the European Union on Monday to pass aggressive legislation banning all imports linked to deforestation, criticizing "gaps" in a draft bill.
The letter from the 34 organizations comes as EU environment ministers prepare to meet Thursday in Brussels on a proposal to ban products that fuel deforestation, which would slap controls on imports including beef, soy, palm oil, cocoa and coffee.
The groups said the draft proposal is "necessary and positive," but needs "improvements" to truly fight deforestation in exporting countries such as Brazil, home to 60 percent of the Amazon rainforest and a leading exporter of many of those products. Global TimesCN
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India - Oil palm research unit proposal sent to Centre
HYDERABAD: The State government has approached the Centre for establishing an oil palm research centre in Telangana to serve as a centre of excellence for conducting and coordinating research on all aspects of oil palm, including cultivation, production, protection, post-harvest technology and transfer of technology, among other things, said Agriculture Minister Singireddy Niranjan Reddy on Monday. The plan to increase the area of cultivation for oil palm was also sent to Centre, he added.
In a response to a query posed by TRS MLAs Balka Suman, Sandra Venkata Veeraiah and others during the Question Hour, Niranjan Reddy said the State intends to cover eight lakh hectares (20 lakh acres) against the Centre-approved area of 4.36 lakh hectares (10.90 lakh acres) under oil palm in mission mode as part of crop diversification. New Indian Express
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Ukraine-Russia war jolts India’s import-dependent edible oil mkt
New Delhi, India – The ongoing Ukraine-Russia conflict has disrupted India’s edible oil market which gets more than 90 percent of its sunflower oil from those two countries, experts say. The resultant increase in retail prices could worsen if the war continues to rage on.
India consumes about 25 million tonnes of edible oil each year, of which it imports about 55 percent, making it the largest importer of edible oils in the world. In the financial year ending March 2021, it imported about 13.35 million tonnes of edible oils worth more than $10.5bn, according to government data (PDF). Of this, palm oil accounts for about 56 percent, soybean oil for 27 percent, and sunflower for about 16 percent. Al Jazeera
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Malaysia, Indonesia to ink MoU on domestic workers
The Memorandum of understanding (MoU) on the recruitment and placement of Indonesian domestic workers (PDI) between Malaysia and Indonesia will be inked this week, according to Malaysian Minister of Human Resources Saravanan Murugan.
“The MoU between Malaysia and Indonesia on recruitment and placement of Indonesian domestic workers will be signed this week in Jakarta,” the minister said when winding up his ministerial replies in Dewan Rakyat on March 14.
The MoU was initially slated to be signed in early February, but was postponed due to certain issues.
One of them was Indonesia’s demand for a One Channel System (OCS) to be implemented on the hiring of its domestic workers.
The OCS system entails a government-to-government channel on the employment of Indonesian domestic workers to Malaysia. PhnomPenh Post
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Malaysia - Food firms urged to back national palm oil sustainability schemes in Malaysia and Indonesia
Food brands have been urged to show their support for national, government-backed, palm oil sustainable certification schemes in Malaysia and Indonesia, and overcome their short-term financial objections to secure long-term sustainability.
Food Navigator Asia
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Indonesia - Jokowi Says Indonesia Won’t Budge on Ore Export Ban – Globe
EU filed a complaint against Indonesia at WTO for the Southeast Asian country’s restriction on nickel ore export, but Indonesia remains unbothered.
Indonesian President Joko “Jokowi” Widodo has said that the lawsuit launched by the European Union, or EU, would not stop Indonesia from banning ore exports, Jakarta Globe reported.
The EU filed a complaint against Indonesia at the World Trade Organization (WTO) for the Southeast Asian country’s restriction on nickel ore exports. But Jakarta remains unbothered by the EU’s disapproval and even plans to ban other ores aside from nickel.
Asia Financial
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Indonesia’s Exports Could Profit From Russian Invasion Of Ukraine – Analysis
A petroleum shortage linked to Russia’s invasion of Ukraine is driving up prices for commodities, but analysts say those could bring a windfall to Indonesia, Southeast Asia’s largest economy and a major producer of coal, palm oil and nickel.
Neighboring Malaysia, meanwhile, has had to increase government subsidies to keep prices down at the pump even as the cost of crude oil shot up since Russian President Vladimir Putin sent his forces into Ukraine on Feb. 24.
Prices for crude oil jumped to U.S. $133 per barrel on Wednesday, far above the $63 assumed in Indonesia’s national budget, but higher prices for commodities will more than make up for the loss, the analysts said.
“The Russia-Ukraine conflict presents a silver lining for the Indonesian economy because it has led to a surge in the prices of Indonesia’s mainstay commodities such as coal, palm oil or nickel,” Bhima Yudhistira, director of the Center for Economic and Law Studies, told BenarNews. Eurasia Review
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Nigeria - Palm Oil Boom: Nigeria Losing Multibillion Dollars for Not Supporting Small Farmers
The Oil Palm Growers Association of Nigeria (OPGAN) has raised the alarm that Nigeria is losing billions of dollars over inability of its smallholders, constituting 80 per cent of the market getting funding and organised to gain from the current palm oil boom in the international market.
OPGAN President, Mr. Joe Onyiuke, who spoke to THISDAY at the weekend on the heels of recent surge in the price of crude palm oil at the international market, however acknowledged effort of the CBN in providing support to the players in the upper echelon of the industry, which only control 20 per cent of the domestic market.
While appealing to the apex bank and other relevant authorities to support the smallholder farmers to boost production, he pointed out that, “The government of President Buhari has done a lot for other smallholder farmers, but unfortunately, we, the smallholder farmers in oil palm have been neglected despite the huge supply gap in the country.”
This Day Live
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India - Sunflower oil shortage boon for palm oil producers, bane for consumers
The geo-political worries in the Black Sea region has a significant bearing on sunflower seed and its oil supply from the region, as both countries involved in the war are major sources for the oilseed.
Shortage of sunflower oil amid the ongoing Russia-Ukraine war has sent crude palm oil prices through the roof.
The geo-political worries in the Black Sea region has a significant bearing on sunflower seed and its oil supply from the region, as both countries involved in the war are major sources for the oilseed.
India is a major importer of crude palm oil, as the country meets more than two-third of its edible oil needs through imports, of which palm oil accounts for more than 60 per cent. The Statesman
#1 Vegetable oils in a changing world: the role of sustainable palm oil in fighting the climate emergency. Why is sustainable palm oil important? How can it help to combat global warming? Why we all have a responsibility to act throughout the supply chain? This webinar attempted to tackle these questions and explore the surrounding issues, including the need for balanced communication about sustainable palm oil, the consequences that must be considered if we are to use alternatives to palm oil, and the role that we all have to play.
Efeca
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Malaysia - US unfairly sanctioned palm oil producer because it employed people on parole, says Zuraida
KUALA LUMPUR: The US Customs and Border Protection (CBP) has accused Sime Darby Plantations Bhd of forced labour just because the company employed parolees, says Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin(pic).
She argued that labelling working parolees as forced labour was against the spirit of UN Sustainable Development Goals, which call for inclusivity and an end to discrimination against vulnerable groups.
She said she would lead a delegation to the United States for a meeting with the CBP, which issued a withhold release order (WRO) in December 2020 on palm oil produced by Sime Darby due to the forced labour allegations.
The StarMY
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EU urged to pass legislation banning all imports linked to deforestation
Brazilian environmental groups urged the European Union on Monday to pass aggressive legislation banning all imports linked to deforestation, criticizing "gaps" in a draft bill.
The letter from the 34 organizations comes as EU environment ministers prepare to meet Thursday in Brussels on a proposal to ban products that fuel deforestation, which would slap controls on imports including beef, soy, palm oil, cocoa and coffee.
The groups said the draft proposal is "necessary and positive," but needs "improvements" to truly fight deforestation in exporting countries such as Brazil, home to 60 percent of the Amazon rainforest and a leading exporter of many of those products. Global TimesCN
---
India - Oil palm research unit proposal sent to Centre
HYDERABAD: The State government has approached the Centre for establishing an oil palm research centre in Telangana to serve as a centre of excellence for conducting and coordinating research on all aspects of oil palm, including cultivation, production, protection, post-harvest technology and transfer of technology, among other things, said Agriculture Minister Singireddy Niranjan Reddy on Monday. The plan to increase the area of cultivation for oil palm was also sent to Centre, he added.
In a response to a query posed by TRS MLAs Balka Suman, Sandra Venkata Veeraiah and others during the Question Hour, Niranjan Reddy said the State intends to cover eight lakh hectares (20 lakh acres) against the Centre-approved area of 4.36 lakh hectares (10.90 lakh acres) under oil palm in mission mode as part of crop diversification. New Indian Express
---
Ukraine-Russia war jolts India’s import-dependent edible oil mkt
New Delhi, India – The ongoing Ukraine-Russia conflict has disrupted India’s edible oil market which gets more than 90 percent of its sunflower oil from those two countries, experts say. The resultant increase in retail prices could worsen if the war continues to rage on.
India consumes about 25 million tonnes of edible oil each year, of which it imports about 55 percent, making it the largest importer of edible oils in the world. In the financial year ending March 2021, it imported about 13.35 million tonnes of edible oils worth more than $10.5bn, according to government data (PDF). Of this, palm oil accounts for about 56 percent, soybean oil for 27 percent, and sunflower for about 16 percent. Al Jazeera
---
Malaysia, Indonesia to ink MoU on domestic workers
The Memorandum of understanding (MoU) on the recruitment and placement of Indonesian domestic workers (PDI) between Malaysia and Indonesia will be inked this week, according to Malaysian Minister of Human Resources Saravanan Murugan.
“The MoU between Malaysia and Indonesia on recruitment and placement of Indonesian domestic workers will be signed this week in Jakarta,” the minister said when winding up his ministerial replies in Dewan Rakyat on March 14.
The MoU was initially slated to be signed in early February, but was postponed due to certain issues.
One of them was Indonesia’s demand for a One Channel System (OCS) to be implemented on the hiring of its domestic workers.
The OCS system entails a government-to-government channel on the employment of Indonesian domestic workers to Malaysia. PhnomPenh Post
---
Malaysia - Food firms urged to back national palm oil sustainability schemes in Malaysia and Indonesia
Food brands have been urged to show their support for national, government-backed, palm oil sustainable certification schemes in Malaysia and Indonesia, and overcome their short-term financial objections to secure long-term sustainability.
Food Navigator Asia
---
Indonesia - Jokowi Says Indonesia Won’t Budge on Ore Export Ban – Globe
EU filed a complaint against Indonesia at WTO for the Southeast Asian country’s restriction on nickel ore export, but Indonesia remains unbothered.
Indonesian President Joko “Jokowi” Widodo has said that the lawsuit launched by the European Union, or EU, would not stop Indonesia from banning ore exports, Jakarta Globe reported.
The EU filed a complaint against Indonesia at the World Trade Organization (WTO) for the Southeast Asian country’s restriction on nickel ore exports. But Jakarta remains unbothered by the EU’s disapproval and even plans to ban other ores aside from nickel.
Asia Financial
---
Indonesia’s Exports Could Profit From Russian Invasion Of Ukraine – Analysis
A petroleum shortage linked to Russia’s invasion of Ukraine is driving up prices for commodities, but analysts say those could bring a windfall to Indonesia, Southeast Asia’s largest economy and a major producer of coal, palm oil and nickel.
Neighboring Malaysia, meanwhile, has had to increase government subsidies to keep prices down at the pump even as the cost of crude oil shot up since Russian President Vladimir Putin sent his forces into Ukraine on Feb. 24.
Prices for crude oil jumped to U.S. $133 per barrel on Wednesday, far above the $63 assumed in Indonesia’s national budget, but higher prices for commodities will more than make up for the loss, the analysts said.
“The Russia-Ukraine conflict presents a silver lining for the Indonesian economy because it has led to a surge in the prices of Indonesia’s mainstay commodities such as coal, palm oil or nickel,” Bhima Yudhistira, director of the Center for Economic and Law Studies, told BenarNews. Eurasia Review
---
Nigeria - Palm Oil Boom: Nigeria Losing Multibillion Dollars for Not Supporting Small Farmers
The Oil Palm Growers Association of Nigeria (OPGAN) has raised the alarm that Nigeria is losing billions of dollars over inability of its smallholders, constituting 80 per cent of the market getting funding and organised to gain from the current palm oil boom in the international market.
OPGAN President, Mr. Joe Onyiuke, who spoke to THISDAY at the weekend on the heels of recent surge in the price of crude palm oil at the international market, however acknowledged effort of the CBN in providing support to the players in the upper echelon of the industry, which only control 20 per cent of the domestic market.
While appealing to the apex bank and other relevant authorities to support the smallholder farmers to boost production, he pointed out that, “The government of President Buhari has done a lot for other smallholder farmers, but unfortunately, we, the smallholder farmers in oil palm have been neglected despite the huge supply gap in the country.”
This Day Live
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India - Sunflower oil shortage boon for palm oil producers, bane for consumers
The geo-political worries in the Black Sea region has a significant bearing on sunflower seed and its oil supply from the region, as both countries involved in the war are major sources for the oilseed.
Shortage of sunflower oil amid the ongoing Russia-Ukraine war has sent crude palm oil prices through the roof.
The geo-political worries in the Black Sea region has a significant bearing on sunflower seed and its oil supply from the region, as both countries involved in the war are major sources for the oilseed.
India is a major importer of crude palm oil, as the country meets more than two-third of its edible oil needs through imports, of which palm oil accounts for more than 60 per cent. The Statesman
Pakistan - Govt looks to lift soybean output
ISLAMABAD: Keeping in view the high prices of soybean and palm oil in the global market, the government has decided to offer incentives to growers in the upcoming budget to increasing the domestic farming of the two commodities.
Sources told The Express Tribune that Finance Minister Shaukat Tarin had directed the Ministry of National Food Security and Research to prepare an effective proposal for ramping up the soybean and palm farming along with an incentive structure for growers before the upcoming budget for fiscal year 2022-23.
The issue was raised in a recent meeting of the National Price Monitoring Committee (NPMC) held on March 9. TribunePK
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EU - To what extent does the EU deforestation law need to be adjusted?
EU feed, grain, and oilseeds sectors warn against the pitfalls of the current EU Commission draft regulation to curb global deforestation. They want to make it more workable. Feed Navigator
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Peru - (Press Release) CONSTITUTIONAL COURT DISMISSED THE LEGAL ACTION FILED AGAINST PALM OIL COMPANY OCHO SUR
PUCALLPA, UCAYALI, PERU, March 11, 2022 /EINPresswire.com/ -- Ocho Sur, a company engaged in the sustainable production of palm oil in Ucayali, Peru, informs the public that the Constitutional Court - Peru's highest judicial body – dismissed the appeal filed in 2016 by the Institute of Legal Defense (IDL), for an alleged affectation of ancestral territories of the Native Community of Santa Clara de Uchunya (Exp. No. 03696-2017-PA/TC).
This appeal intended to annul the property deeds validly issued by authorities of the Peruvian government, for land that today forms part of the Tibecocha farm (today owned by Ocho Sur) arguing that they are ancestral territories of the community.
By this ruling, the Constitutional Court (Pleno Sentencia 22/2022) confirmed the decisions issued in the two previous judicial instances: the Combined Court of Justice of Campo Verde in 2016 and the Special Civil Court of the Superior Court of Justice of Ucayali in 2017, in first and second instance, respectively. EIN News
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Malaysia - Sivarasa: Sime Darby Plantations’ ‘forced labour’ claims must be taken seriously
AN Opposition lawmaker has urged Human Resources Minister Datuk Seri M. Saravanan to take the allegations of forced labour against Sime Darby Plantations Bhd (SDP) more seriously.
Sungai Buloh MP Sivarasa Rasiah said this in response to Saravanan who told the Dewan Rakyat on Tuesday (March 8, 2022) that the US’ ban on Sime Darby’s palm oil imports was not due to forced labour but a failure to report accidents involving its migrant workforce.
Saravanan has also said that the US Customs and Border Protection (CBP) ban was likely based on the government-linked firm’s failure to report accidents to the Labour Department within the required ten days which is a violation of Section 13(2) of the Workmen’s Compensation Act 1952. Focus Malaysia
ISLAMABAD: Keeping in view the high prices of soybean and palm oil in the global market, the government has decided to offer incentives to growers in the upcoming budget to increasing the domestic farming of the two commodities.
Sources told The Express Tribune that Finance Minister Shaukat Tarin had directed the Ministry of National Food Security and Research to prepare an effective proposal for ramping up the soybean and palm farming along with an incentive structure for growers before the upcoming budget for fiscal year 2022-23.
The issue was raised in a recent meeting of the National Price Monitoring Committee (NPMC) held on March 9. TribunePK
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EU - To what extent does the EU deforestation law need to be adjusted?
EU feed, grain, and oilseeds sectors warn against the pitfalls of the current EU Commission draft regulation to curb global deforestation. They want to make it more workable. Feed Navigator
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Peru - (Press Release) CONSTITUTIONAL COURT DISMISSED THE LEGAL ACTION FILED AGAINST PALM OIL COMPANY OCHO SUR
PUCALLPA, UCAYALI, PERU, March 11, 2022 /EINPresswire.com/ -- Ocho Sur, a company engaged in the sustainable production of palm oil in Ucayali, Peru, informs the public that the Constitutional Court - Peru's highest judicial body – dismissed the appeal filed in 2016 by the Institute of Legal Defense (IDL), for an alleged affectation of ancestral territories of the Native Community of Santa Clara de Uchunya (Exp. No. 03696-2017-PA/TC).
This appeal intended to annul the property deeds validly issued by authorities of the Peruvian government, for land that today forms part of the Tibecocha farm (today owned by Ocho Sur) arguing that they are ancestral territories of the community.
By this ruling, the Constitutional Court (Pleno Sentencia 22/2022) confirmed the decisions issued in the two previous judicial instances: the Combined Court of Justice of Campo Verde in 2016 and the Special Civil Court of the Superior Court of Justice of Ucayali in 2017, in first and second instance, respectively. EIN News
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Malaysia - Sivarasa: Sime Darby Plantations’ ‘forced labour’ claims must be taken seriously
AN Opposition lawmaker has urged Human Resources Minister Datuk Seri M. Saravanan to take the allegations of forced labour against Sime Darby Plantations Bhd (SDP) more seriously.
Sungai Buloh MP Sivarasa Rasiah said this in response to Saravanan who told the Dewan Rakyat on Tuesday (March 8, 2022) that the US’ ban on Sime Darby’s palm oil imports was not due to forced labour but a failure to report accidents involving its migrant workforce.
Saravanan has also said that the US Customs and Border Protection (CBP) ban was likely based on the government-linked firm’s failure to report accidents to the Labour Department within the required ten days which is a violation of Section 13(2) of the Workmen’s Compensation Act 1952. Focus Malaysia
Indonesia - Global market can't dictate Indonesia palm oil policy: Minister
JAKARTA: Indonesia's palm oil price should not be dictated by the external market, its trade minister said on Thursday (Mar 10), backing his decision to expand palm oil export curbs at a time of surging global prices from a global supply crunch.
The world's top palm oil exporter shocked the market a day earlier by announcing that palm companies must sell 30 per cent of their planned exports at home, up from 20 per cent, which sent Malaysian benchmark prices soaring by 10 per cent.
Malaysian benchmark prices climbed 30 per cent in 2021, as output from top producers Indonesia and Malaysia slowed and global demand recovered from the impacts of the pandemic.
The higher global prices saw Indonesian cooking oil prices gain 40 per cent at the beginning of the year, prompting its imposition of export curbs in late January to try to tame the rise.
That triggered another rally in Malaysian prices, which have gained around 50 per cent so far this year. Channel News Asia
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India stares at edible oil price spike; 90% sunflower oil came from Ukraine-Russia
With the Ukraine-Russia war continuing indefinitely, a hike in edible oil prices as well as shortage in supply seems round the corner, at least for the short-term. After all, 90% of India's sunflower oil requirement is catered by Ukraine and Russia and shipments have completely stopped ever since the war started. Sunflower oil comprises 15% of most edible oil brands. "If that 15% doesn't come for a longer period of time then consumers will have to shift to soybean, rice-bran or palm oil," points out Angshu Mallick, CEO, Adani Wilmar, makers of the Fortune brand of oil.
He, however, points out that there isn't a need to panic as most companies have inventory of at least 45 days. "We are the largest importers of edible oil and we have managed our stocks better than most other brands. Since our partner, Wilmar, has operations in those countries we were prepared well in advance," claims Mallick. However, Sanjeev Asthana, CEO, Ruchi Soya says that if the war continues till April...Fortune India
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The Russia-Ukraine Crisis and the Global Energy Transition
The Russia-Ukraine crisis has not only changed the geopolitical landscape, but also profoundly altered the global energy balance.
Since the escalation of the conflict between Russia and Ukraine, geopolitical risks have stimulated a sharp rise in international oil prices. Since February 21, 2022, when Russia recognized two breakaway regions in eastern Ukraine as independent entities until March 2, the price of Brent crude oil rose 17.6%., from $97.38 to $114.5; the price of Crude Oil WTI rose 20%, from $92.8 to $111.38. On March 2, the gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared to a record high to over 194 euro per megawatt-hour, equivalent to more than 2,000 euro per 1,000 cubic meters of gas. Modern Diplomacy
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Malaysia - Investors Harrowed by Risk Find Rare Haven in Malaysian Assets
Bloomberg) -- Investors looking for shelter from the upheaval in global markets are turning to Malaysia.
The exporter of oil and crude palm oil has seen its stocks, currency and bonds outperform most of their peers since the war in Ukraine broke out. Soaring commodity prices are expected to boost Malaysia’s coffers and enhance its current-account surplus.
The commodities boom is luring funds to the Southeast Asian nation, after sentiment was hit earlier by political turmoil and a widening fiscal deficit. The economy’s ability to attract inflows could help it weather the volatility fueled by rising interest rates in developed markets.
Ringgit sovereign bonds have gained 0.2% since Russia invaded Ukraine on Feb. 24, beating all but one of their 19 major emerging-market peers tracked by Bloomberg. The benchmark 10-year yield has held around 3.67% in that period. Bloomberg
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JAKARTA: Indonesia's palm oil price should not be dictated by the external market, its trade minister said on Thursday (Mar 10), backing his decision to expand palm oil export curbs at a time of surging global prices from a global supply crunch.
The world's top palm oil exporter shocked the market a day earlier by announcing that palm companies must sell 30 per cent of their planned exports at home, up from 20 per cent, which sent Malaysian benchmark prices soaring by 10 per cent.
Malaysian benchmark prices climbed 30 per cent in 2021, as output from top producers Indonesia and Malaysia slowed and global demand recovered from the impacts of the pandemic.
The higher global prices saw Indonesian cooking oil prices gain 40 per cent at the beginning of the year, prompting its imposition of export curbs in late January to try to tame the rise.
That triggered another rally in Malaysian prices, which have gained around 50 per cent so far this year. Channel News Asia
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India stares at edible oil price spike; 90% sunflower oil came from Ukraine-Russia
With the Ukraine-Russia war continuing indefinitely, a hike in edible oil prices as well as shortage in supply seems round the corner, at least for the short-term. After all, 90% of India's sunflower oil requirement is catered by Ukraine and Russia and shipments have completely stopped ever since the war started. Sunflower oil comprises 15% of most edible oil brands. "If that 15% doesn't come for a longer period of time then consumers will have to shift to soybean, rice-bran or palm oil," points out Angshu Mallick, CEO, Adani Wilmar, makers of the Fortune brand of oil.
He, however, points out that there isn't a need to panic as most companies have inventory of at least 45 days. "We are the largest importers of edible oil and we have managed our stocks better than most other brands. Since our partner, Wilmar, has operations in those countries we were prepared well in advance," claims Mallick. However, Sanjeev Asthana, CEO, Ruchi Soya says that if the war continues till April...Fortune India
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The Russia-Ukraine Crisis and the Global Energy Transition
The Russia-Ukraine crisis has not only changed the geopolitical landscape, but also profoundly altered the global energy balance.
Since the escalation of the conflict between Russia and Ukraine, geopolitical risks have stimulated a sharp rise in international oil prices. Since February 21, 2022, when Russia recognized two breakaway regions in eastern Ukraine as independent entities until March 2, the price of Brent crude oil rose 17.6%., from $97.38 to $114.5; the price of Crude Oil WTI rose 20%, from $92.8 to $111.38. On March 2, the gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared to a record high to over 194 euro per megawatt-hour, equivalent to more than 2,000 euro per 1,000 cubic meters of gas. Modern Diplomacy
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Malaysia - Investors Harrowed by Risk Find Rare Haven in Malaysian Assets
Bloomberg) -- Investors looking for shelter from the upheaval in global markets are turning to Malaysia.
The exporter of oil and crude palm oil has seen its stocks, currency and bonds outperform most of their peers since the war in Ukraine broke out. Soaring commodity prices are expected to boost Malaysia’s coffers and enhance its current-account surplus.
The commodities boom is luring funds to the Southeast Asian nation, after sentiment was hit earlier by political turmoil and a widening fiscal deficit. The economy’s ability to attract inflows could help it weather the volatility fueled by rising interest rates in developed markets.
Ringgit sovereign bonds have gained 0.2% since Russia invaded Ukraine on Feb. 24, beating all but one of their 19 major emerging-market peers tracked by Bloomberg. The benchmark 10-year yield has held around 3.67% in that period. Bloomberg
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REUTERS - Indonesia tightens palm oil export curbs in new hit to global supplies
JAKARTA, March 9 (Reuters) - Indonesia will further restrict exports of palm oil from Thursday to increase domestic supplies, as authorities ramp up efforts to contain a surge in cooking oil prices, Trade Minister Muhammad Lutfi said.
The world's biggest producer and exporter of palm oil will require companies to sell 30% of their planned exports of crude palm oil and olein at home, up from 20% currently, under a scheme known as Domestic Market Obligation (DMO). The new restriction will stay in place for at least six months. Reuters
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REUTERS - Palm oil prices set for new record highs in coming months -analyst Fry
KUALA LUMPUR, March 9 (Reuters) - Palm oil prices could hit a record 8,100 ringgit ($1,938) a tonne in coming months following a plunge in global edible oil stocks and a decline in export surpluses, including the impact of war in Ukraine, analyst James Fry said on Wednesday.
He expected locally delivered crude palm oil prices in Malaysia to range between 6,600-8,100 ringgit a tonne until July, easing to 6,200-7,000 ringgit in the third and fourth quarters when supply builds up and demand reduces. Reuters
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BLOOMBERG - Food Protectionism Grows as Indonesia Curbs Palm Oil Exports
Indonesia, the world’s biggest exporter of edible oils, will tighten its control over shipments in a sign of growing protectionism around the world as countries grapple with soaring food prices.
Palm oil exporters will have to allocate 30% of their shipment volume for the local market, an increase from 20%, according to Trade Minister Muhammad Lutfi. The government will take firm action on hoarders, he said Wednesday.
Governments are taking steps to safeguard domestic food supplies after Russia’s invasion of Ukraine roiled trade and sent prices of key staples skyrocketing. Protectionist measures, which have already picked up in recent years as the Covid-19 pandemic spurred concerns about shortages, could spell more bad news for global food trade and add pressure to food inflation. Bloomberg
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Indonesia Sticks With Biodiesel Policy Even as Palm Oil Soars
(Bloomberg) -- Indonesia, the world’s biggest palm oil producer and exporter, will push ahead with its ambitious biodiesel program even as prices of the tropical oil have soared, which could increase the costs of producing biofuel.
The B30 program, which stipulates that fossil fuels must be blended with 30% palm oil, is still running as planned, said Dadan Kusdiana, director general of new and renewable energy at the Ministry of Energy and Mineral Resources.
The mandate is aimed at soaking up bulging supplies in the top grower. But palm’s premium over gasoil has ballooned to record levels, most recently driven by Russia’s invasion of Ukraine that has further tightened global cooking oil supplies. This presents a challenge to the funding of B30 incentives.
“Currently we haven’t discussed or evaluated the B30 program and it is still running as planned,” Kusdiana said. The government is monitoring crude palm oil and petroleum prices closely and will prepare options to anticipate any development, he said, without elaborating on those plans. Bloomberg
JAKARTA, March 9 (Reuters) - Indonesia will further restrict exports of palm oil from Thursday to increase domestic supplies, as authorities ramp up efforts to contain a surge in cooking oil prices, Trade Minister Muhammad Lutfi said.
The world's biggest producer and exporter of palm oil will require companies to sell 30% of their planned exports of crude palm oil and olein at home, up from 20% currently, under a scheme known as Domestic Market Obligation (DMO). The new restriction will stay in place for at least six months. Reuters
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REUTERS - Palm oil prices set for new record highs in coming months -analyst Fry
KUALA LUMPUR, March 9 (Reuters) - Palm oil prices could hit a record 8,100 ringgit ($1,938) a tonne in coming months following a plunge in global edible oil stocks and a decline in export surpluses, including the impact of war in Ukraine, analyst James Fry said on Wednesday.
He expected locally delivered crude palm oil prices in Malaysia to range between 6,600-8,100 ringgit a tonne until July, easing to 6,200-7,000 ringgit in the third and fourth quarters when supply builds up and demand reduces. Reuters
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BLOOMBERG - Food Protectionism Grows as Indonesia Curbs Palm Oil Exports
Indonesia, the world’s biggest exporter of edible oils, will tighten its control over shipments in a sign of growing protectionism around the world as countries grapple with soaring food prices.
Palm oil exporters will have to allocate 30% of their shipment volume for the local market, an increase from 20%, according to Trade Minister Muhammad Lutfi. The government will take firm action on hoarders, he said Wednesday.
Governments are taking steps to safeguard domestic food supplies after Russia’s invasion of Ukraine roiled trade and sent prices of key staples skyrocketing. Protectionist measures, which have already picked up in recent years as the Covid-19 pandemic spurred concerns about shortages, could spell more bad news for global food trade and add pressure to food inflation. Bloomberg
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Indonesia Sticks With Biodiesel Policy Even as Palm Oil Soars
(Bloomberg) -- Indonesia, the world’s biggest palm oil producer and exporter, will push ahead with its ambitious biodiesel program even as prices of the tropical oil have soared, which could increase the costs of producing biofuel.
The B30 program, which stipulates that fossil fuels must be blended with 30% palm oil, is still running as planned, said Dadan Kusdiana, director general of new and renewable energy at the Ministry of Energy and Mineral Resources.
The mandate is aimed at soaking up bulging supplies in the top grower. But palm’s premium over gasoil has ballooned to record levels, most recently driven by Russia’s invasion of Ukraine that has further tightened global cooking oil supplies. This presents a challenge to the funding of B30 incentives.
“Currently we haven’t discussed or evaluated the B30 program and it is still running as planned,” Kusdiana said. The government is monitoring crude palm oil and petroleum prices closely and will prepare options to anticipate any development, he said, without elaborating on those plans. Bloomberg
EU - EC proposes taxing crop-based biofuels and fossil fuels in same way
The European Commission (EC) is considering taxing fossil fuels and crop-based biofuels in the same way, according to a report by EURACTIV.
The European Union (EU) executive recently proposed the revision of the 2003 Energy Taxation Directive (ETD), which currently did not take into account the environmental performance of energy products, the 10 February report said.
“For example, there is no link in the ETD between the minimum tax rates of fuels and their energy content or environmental impact. The rules have also failed to keep pace with the development of new and alternative fuels such as biofuels and hydrogen,” an EU official told EURACTIV.
The official, who spoke on condition of anonymity, added that the real value of the ETD minimum rates had eroded over time and a complex patchwork of exemptions and reductions had proliferated across the bloc, leading to a “distortion across the single market”.
The current legislation has resulted in a tax anomaly particularly in the Visegrad region (Czech Republic, Hungary, Poland and Slovakia), where biodiesel and bioethanol are taxed higher than diesel and petrol respectively, according to data from biofuels associations. OFI Magazine
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Indonesia - Food Protectionism Grows as Indonesia Curbs Palm Oil Exports
Indonesia, the world’s biggest exporter of edible oils, will tighten its control over shipments in a sign of growing protectionism around the world as countries grapple with soaring food prices.
Palm oil exporters will have to allocate 30% of their shipment volume for the local market, an increase from 20%, according to Trade Minister Muhammad Lutfi. The government will take firm action on hoarders, he said Wednesday.
Governments are taking steps to safeguard domestic food supplies after Russia’s invasion of Ukraine roiled trade and sent prices of key staples skyrocketing. Protectionist measures, which have already picked up in recent years as the Covid-19 pandemic spurred concerns about shortages, could spell more bad news for global food trade and add pressure to food inflation. Bloomberg
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Malaysia - Palm oil futures jumps by 10 per cent limit as Indonesia restricts exports further
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange hit 7,057 ringgit ($1,685.86) per tonne
Malaysian palm oil futures jumped by their 10 per cent daily limit on Wednesday, after top exporter Indonesia decided to restrict its outbound shipments further to control prices at home.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose as much as 9.99 per cent to 7,057 ringgit ($1,685.86) per tonne, soon after trading resumed following the midday break. It had gained 1.2 per cent in the morning session. The Hindu Businessline
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Malaysia - Shortage of foreign palm oil workers in Malaysia adds worry to global vegetable oil supplies hit by Russia-Ukraine war
industries minister said on Tuesday, a delay of months from an original plan to add more labour early this year.
A shortage of foreign workers to harvest palm fruits in Malaysia, the world’s second largest producer, is likely to cap production, adding to global worries over vegetable oil supplies hit by the Russia-Ukraine war and bad weather in South America.
“With foreign labour coming in, I hope production will increase from 18.1 million tonnes [last year] to 20 million,” the minister, Zuraida Kamaruddin, told an industry conference in Kuala Lumpur.
About 80 per cent of Malaysia’s plantation workers are migrants, most of them from neighbouring Indonesia. SCMP
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India - Russia-Ukraine Crisis an Opportunity for India to Become Self-reliant in Edible Oil
History has time and again shown that opportunists have benefitted whenever there has been a war between nations. Amidst the Russia-Ukraine war, imports of sunflower oil are getting affected. India imports 25 lakh tonnes of sunflower oil annually, of which 70 per cent comes from Ukraine, 20 per cent from Russia and 10 per cent from Argentina. Since our dependence on edible oil imports is around 60 per cent (of the total consumption), the government of India is weighing and exploring all possible options to source edible oil from other countries to maintain domestic supply and keep local retail prices stable. However, the problem has got compounded as import prices of palm oil too have jumped by quite a margin, otherwise a rare phenomenon.
The import price of crude palm oil is around Rs 1.45 lakh per tonne whereas crude sunflower oil is at Rs 1.46 lakh per tonne. In January, the import price of crude palm oil was Rs 1.11 lakh per tonne and the price of crude sunflower oil was Rs 1.15 lakh per tonne. When the costs for processing, packaging and transportation as well as the dealer and retailer margins are added, these edible oil retail prices reach Rs 175-180 per litre. These prices may increase further if the war between Russia and Ukraine continues. News18
The European Commission (EC) is considering taxing fossil fuels and crop-based biofuels in the same way, according to a report by EURACTIV.
The European Union (EU) executive recently proposed the revision of the 2003 Energy Taxation Directive (ETD), which currently did not take into account the environmental performance of energy products, the 10 February report said.
“For example, there is no link in the ETD between the minimum tax rates of fuels and their energy content or environmental impact. The rules have also failed to keep pace with the development of new and alternative fuels such as biofuels and hydrogen,” an EU official told EURACTIV.
The official, who spoke on condition of anonymity, added that the real value of the ETD minimum rates had eroded over time and a complex patchwork of exemptions and reductions had proliferated across the bloc, leading to a “distortion across the single market”.
The current legislation has resulted in a tax anomaly particularly in the Visegrad region (Czech Republic, Hungary, Poland and Slovakia), where biodiesel and bioethanol are taxed higher than diesel and petrol respectively, according to data from biofuels associations. OFI Magazine
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Indonesia - Food Protectionism Grows as Indonesia Curbs Palm Oil Exports
Indonesia, the world’s biggest exporter of edible oils, will tighten its control over shipments in a sign of growing protectionism around the world as countries grapple with soaring food prices.
Palm oil exporters will have to allocate 30% of their shipment volume for the local market, an increase from 20%, according to Trade Minister Muhammad Lutfi. The government will take firm action on hoarders, he said Wednesday.
Governments are taking steps to safeguard domestic food supplies after Russia’s invasion of Ukraine roiled trade and sent prices of key staples skyrocketing. Protectionist measures, which have already picked up in recent years as the Covid-19 pandemic spurred concerns about shortages, could spell more bad news for global food trade and add pressure to food inflation. Bloomberg
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Malaysia - Palm oil futures jumps by 10 per cent limit as Indonesia restricts exports further
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange hit 7,057 ringgit ($1,685.86) per tonne
Malaysian palm oil futures jumped by their 10 per cent daily limit on Wednesday, after top exporter Indonesia decided to restrict its outbound shipments further to control prices at home.
The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange rose as much as 9.99 per cent to 7,057 ringgit ($1,685.86) per tonne, soon after trading resumed following the midday break. It had gained 1.2 per cent in the morning session. The Hindu Businessline
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Malaysia - Shortage of foreign palm oil workers in Malaysia adds worry to global vegetable oil supplies hit by Russia-Ukraine war
- The shortage of foreign workers to harvest palm fruits in Malaysia began during the pandemic as border curbs kept out migrant workers
- Fewer workers means a reduction in palm oil production adding worries to vegetable oil supplies already affected by Russia-Ukraine war
industries minister said on Tuesday, a delay of months from an original plan to add more labour early this year.
A shortage of foreign workers to harvest palm fruits in Malaysia, the world’s second largest producer, is likely to cap production, adding to global worries over vegetable oil supplies hit by the Russia-Ukraine war and bad weather in South America.
“With foreign labour coming in, I hope production will increase from 18.1 million tonnes [last year] to 20 million,” the minister, Zuraida Kamaruddin, told an industry conference in Kuala Lumpur.
About 80 per cent of Malaysia’s plantation workers are migrants, most of them from neighbouring Indonesia. SCMP
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India - Russia-Ukraine Crisis an Opportunity for India to Become Self-reliant in Edible Oil
History has time and again shown that opportunists have benefitted whenever there has been a war between nations. Amidst the Russia-Ukraine war, imports of sunflower oil are getting affected. India imports 25 lakh tonnes of sunflower oil annually, of which 70 per cent comes from Ukraine, 20 per cent from Russia and 10 per cent from Argentina. Since our dependence on edible oil imports is around 60 per cent (of the total consumption), the government of India is weighing and exploring all possible options to source edible oil from other countries to maintain domestic supply and keep local retail prices stable. However, the problem has got compounded as import prices of palm oil too have jumped by quite a margin, otherwise a rare phenomenon.
The import price of crude palm oil is around Rs 1.45 lakh per tonne whereas crude sunflower oil is at Rs 1.46 lakh per tonne. In January, the import price of crude palm oil was Rs 1.11 lakh per tonne and the price of crude sunflower oil was Rs 1.15 lakh per tonne. When the costs for processing, packaging and transportation as well as the dealer and retailer margins are added, these edible oil retail prices reach Rs 175-180 per litre. These prices may increase further if the war between Russia and Ukraine continues. News18
EU - Mapping the European Soy Supply Chain
Europeans are unwittingly wiping out forests across the world. According to new research, the average European consumes 60.6 kg of soy per year, the majority of which can be linked to deforested areas and converted savannahs and grasslands in South America. This means that contributing to the destruction of precious natural ecosystems is always just one meal away.
Commissioned by WWF, the new research titled “Mapping the European Soy Supply Chain – Embedded Soy in Animal Products Consumed in the EU27+UK” was conducted by Profundo, an independent not-for-profit company. It shows 90% of the soy Europeans eat is not listed as an ingredient. Instead, it is consumed indirectly as soy is the main animal feed used to produce meat, eggs, fish and dairy products. The research is supported by WWF’s Eat4Change project, funded by the European Commission’s Development Education and Awareness Raising Programme (DEAR).
WWF EU
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India - Ukraine crisis: Foreign missions to scout for additional sources of edible oil
India may need to re-assess import restrictions, high duties for smoother imports
The Centre has shot off instructions to Indian Embassies in countries such as Indonesia, Malaysia and several Latin American nations, to see if more sources of edible oil, including palm oil, soyabean oil and canola, can be tapped. This may be necessary to maintain domestic availability amidst concerns over possible disruption in imports of sunflower oil due to the on-going Russia-Ukraine conflict.
The Hindu Businessline
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Guatemala/ Guyana - With Guatemala as new partner, Guyana eyes coffee & palm oil production
Guyana and Guatemala have entered into fresh bilateral talks that could see Guyana producing coffee and palm oil, while both countries boost their agricultural sectors through mutual learning and shared opportunities.
This is according to President Dr. Irfaan Ali who spoke at a press conference at State House in Georgetown on Sunday, days after he met with President of Guatemala Alejandro Giammattei Falla at a Central American and Caribbean summit.
The Guyanese Head-of-State rated Guatemala as an agricultural “powerhouse,” noting that this productive sector accounts for nearly a quarter of the country’s economy, three-quarters of its export earnings, and half of the local labour force.
And Guyana is seeking to leverage the Central American country’s prowess in agriculture as it seeks to expand local and regional food production.
“We’re talking about helping us to revitalise, improve coffee production in Guyana (and) other high-value crops like palm oil,” President Ali said. News Room Guyana
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Malaysia - Palm Growers Urged to Focus on Increasing Yield
PETALING JAYA: Palm oil players should focus on increasing yields and not hectarage as a way out of the unusual crude palm oil (CPO) supply crunch which has seen CPO futures contract hitting an all time high of RM8,163 per metric ton (pmt), according to Inter-Pacific Securities head of research Victor Wan.
The previous month saw the start of a series of historic highs for the commodity as it charted new heights across the RM6,000 pmt threshold, culminating with a record of RM6,808 pmt on March 2.
Looking at the current elevated price environment, Wan concurred with the popular view that paints the widespread shortage of edible oils, supply chain woes from the pandemic impact and the ongoing Ukraine-Russia war as the culprits. These are exacerbated by the labour woes in Malaysia.
“Moving ahead, palm oil players would have to resort to improving yields rather than acreage to resolve this issue given the current focus on environmental, social, and governance, particularly on the sustainability aspect,” Wan told SunBiz.
He opined that even if the planters intended to expand, there is dearth of land for them to do so. The Sun Daily
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Analysis: Southeast Asian equities shine as commodities rally on Ukraine crisis
Driving the renewed interest is a surge in commodity prices that spells good news, particularly for key producers Indonesia and Malaysia, coupled with the sparse economic links between Southeast Asia and the warring nations of Russia and Ukraine. Reuters
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Bangladesh - Volatile edible oil market worries all
Volatile edible-oil market has fuelled up concerns of the government, consumers and trade-bodies, as many of the city groceries are now operating without any bottled oil on their shelves amid traders' supply stoppage, said insiders
Soybean oil price shot up to Tk 175-185 a litre in the city markets in the last few days, while the groceries were not getting edible oils even after submitting orders to the distributors a week back, said the grocers.
The edible oil market started becoming volatile from February 26 following the refiners' new proposal to raise maximum retail prices (MRP) of edible oils as well as the beginning of Russia-Ukraine war.
The Financial ExpressBD
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EU - ‘Palm oil has no alternative’: European supply chain expert calls out EU for ‘discriminatory’ policies
An Italian supply chain expert has slated the European Union for its ‘discriminatory’ policies against palm oil, highlighting the impossibility of finding an alternative for the commodity in the short term.
Food Navigator Asia
Europeans are unwittingly wiping out forests across the world. According to new research, the average European consumes 60.6 kg of soy per year, the majority of which can be linked to deforested areas and converted savannahs and grasslands in South America. This means that contributing to the destruction of precious natural ecosystems is always just one meal away.
Commissioned by WWF, the new research titled “Mapping the European Soy Supply Chain – Embedded Soy in Animal Products Consumed in the EU27+UK” was conducted by Profundo, an independent not-for-profit company. It shows 90% of the soy Europeans eat is not listed as an ingredient. Instead, it is consumed indirectly as soy is the main animal feed used to produce meat, eggs, fish and dairy products. The research is supported by WWF’s Eat4Change project, funded by the European Commission’s Development Education and Awareness Raising Programme (DEAR).
WWF EU
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India - Ukraine crisis: Foreign missions to scout for additional sources of edible oil
India may need to re-assess import restrictions, high duties for smoother imports
The Centre has shot off instructions to Indian Embassies in countries such as Indonesia, Malaysia and several Latin American nations, to see if more sources of edible oil, including palm oil, soyabean oil and canola, can be tapped. This may be necessary to maintain domestic availability amidst concerns over possible disruption in imports of sunflower oil due to the on-going Russia-Ukraine conflict.
The Hindu Businessline
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Guatemala/ Guyana - With Guatemala as new partner, Guyana eyes coffee & palm oil production
Guyana and Guatemala have entered into fresh bilateral talks that could see Guyana producing coffee and palm oil, while both countries boost their agricultural sectors through mutual learning and shared opportunities.
This is according to President Dr. Irfaan Ali who spoke at a press conference at State House in Georgetown on Sunday, days after he met with President of Guatemala Alejandro Giammattei Falla at a Central American and Caribbean summit.
The Guyanese Head-of-State rated Guatemala as an agricultural “powerhouse,” noting that this productive sector accounts for nearly a quarter of the country’s economy, three-quarters of its export earnings, and half of the local labour force.
And Guyana is seeking to leverage the Central American country’s prowess in agriculture as it seeks to expand local and regional food production.
“We’re talking about helping us to revitalise, improve coffee production in Guyana (and) other high-value crops like palm oil,” President Ali said. News Room Guyana
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Malaysia - Palm Growers Urged to Focus on Increasing Yield
PETALING JAYA: Palm oil players should focus on increasing yields and not hectarage as a way out of the unusual crude palm oil (CPO) supply crunch which has seen CPO futures contract hitting an all time high of RM8,163 per metric ton (pmt), according to Inter-Pacific Securities head of research Victor Wan.
The previous month saw the start of a series of historic highs for the commodity as it charted new heights across the RM6,000 pmt threshold, culminating with a record of RM6,808 pmt on March 2.
Looking at the current elevated price environment, Wan concurred with the popular view that paints the widespread shortage of edible oils, supply chain woes from the pandemic impact and the ongoing Ukraine-Russia war as the culprits. These are exacerbated by the labour woes in Malaysia.
“Moving ahead, palm oil players would have to resort to improving yields rather than acreage to resolve this issue given the current focus on environmental, social, and governance, particularly on the sustainability aspect,” Wan told SunBiz.
He opined that even if the planters intended to expand, there is dearth of land for them to do so. The Sun Daily
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Analysis: Southeast Asian equities shine as commodities rally on Ukraine crisis
- Indonesia, Malaysia boosted by commodities' rise
- Foreign flows into Indonesia stocks rise to $1.2 bln in Feb
- Domestic growth to pick up as pandemic-hit economies open up
- Crude, palm, nickel at multi-year highs on supply disruptions
Driving the renewed interest is a surge in commodity prices that spells good news, particularly for key producers Indonesia and Malaysia, coupled with the sparse economic links between Southeast Asia and the warring nations of Russia and Ukraine. Reuters
---
Bangladesh - Volatile edible oil market worries all
Volatile edible-oil market has fuelled up concerns of the government, consumers and trade-bodies, as many of the city groceries are now operating without any bottled oil on their shelves amid traders' supply stoppage, said insiders
Soybean oil price shot up to Tk 175-185 a litre in the city markets in the last few days, while the groceries were not getting edible oils even after submitting orders to the distributors a week back, said the grocers.
The edible oil market started becoming volatile from February 26 following the refiners' new proposal to raise maximum retail prices (MRP) of edible oils as well as the beginning of Russia-Ukraine war.
The Financial ExpressBD
---
EU - ‘Palm oil has no alternative’: European supply chain expert calls out EU for ‘discriminatory’ policies
An Italian supply chain expert has slated the European Union for its ‘discriminatory’ policies against palm oil, highlighting the impossibility of finding an alternative for the commodity in the short term.
Food Navigator Asia
Scorching prices slow palm oil imports by top consumers India, China - trade
KUALA LUMPUR, March 3 (Reuters) - The world's biggest palm oil buyers China and India are slowing down imports as prices rocket to historical high levels, even as Russia's invasion of Ukraine disrupts global edible oil supply, industry officials said on Thursday.
Malaysia's benchmark crude palm oil prices FCPOc3 have soared 45% so far this year, boosted by a cocktail of labour shortages, export restrictions by top producer Indonesia and disruption to sunflower oil supply from Russia's invasion of Ukraine.
Reuters
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Massive Palm Oil Rally Is Starting to Turn Away Buyers in India
The blistering rally in palm oil is starting to turn away customers in India, the world’s biggest importer.
Buyers have canceled as much as 100,000 tons of planned palm oil purchases in the past seven days, according to Sandeep Bajoria, chief executive officer of Sunvin Group, a Mumbai-based trader and broker of vegetable oils.
“We can’t buy at these prices,” he said. “Demand destruction is happening.”
It’s what banks and even palm oil producers have warned about: sky-high prices will eventually result in consumers scaling back purchases or simply not be able to afford it anymore. The tropical oil rallied to a record high in Malaysia this week, joining a sweeping rally in commodities, as Russia’s invasion of Ukraine sparked fears that raw material supplies will fall short. Bloomberg
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Russia-Ukraine Conflict: India At Risk As Soaring Edible Oil Rates Threaten Surging Food Inflation
Ukraine and Russia, which are major the suppliers of wheat, corn, and barley, ship more than 75 per cent of global exports of sunflower oil, one of the world’s four leading edible oils.
New Delhi: Edible oil prices, used in products like chocolate to margarine and instant noodles, are on the rise. This means consumers need to shell out more. From crude oil to edible oils, commodities have been hit hard due to the Russia-Ukraine conflict and the strict Western sanctions that ensued.
According to a report in the Bloomberg, ports in Ukraine are closed, transport and logistics are severed, and buyers are unwilling, or unable, to pay the surging costs of insurance and freight required to secure cargoes from the Black Sea.
Ukraine and Russia, which are major the suppliers of wheat, corn, and barley, ship more than 75 per cent of global exports of sunflower oil, one of the world’s four leading edible oils. That’s made a tight global market even tighter and sent prices of palm and soybean oil, the two most used oils, to record highs. ABP Live
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Malaysia - Increased revenue from high palm oil demands a boost to post-Covid recovery, says minister
KUALA LUMPUR: The increased revenue from the growing demands for palm oil will greatly help the country's recovery from the effects of the Covid-19 pandemic, said the Ministry of Plantation Industries and Commodities.
Its minister, Datuk Zuraida Kamaruddin said in a statement that the government would take this opportunity to increase the country's share of palm oil in the global edible oil market following the escalating prices of crude palm oil (CPO).
Zuraida said she had recently met numerous players in the agri-commodity industry over the rising prices, including those from other countries, such as Egypt, India and Bangladesh.
"This is part of the MPIC's preparations in the face of uncertainties arising from the current geopolitical situation in the world," she said. New Straits Times
KUALA LUMPUR, March 3 (Reuters) - The world's biggest palm oil buyers China and India are slowing down imports as prices rocket to historical high levels, even as Russia's invasion of Ukraine disrupts global edible oil supply, industry officials said on Thursday.
Malaysia's benchmark crude palm oil prices FCPOc3 have soared 45% so far this year, boosted by a cocktail of labour shortages, export restrictions by top producer Indonesia and disruption to sunflower oil supply from Russia's invasion of Ukraine.
Reuters
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Massive Palm Oil Rally Is Starting to Turn Away Buyers in India
The blistering rally in palm oil is starting to turn away customers in India, the world’s biggest importer.
Buyers have canceled as much as 100,000 tons of planned palm oil purchases in the past seven days, according to Sandeep Bajoria, chief executive officer of Sunvin Group, a Mumbai-based trader and broker of vegetable oils.
“We can’t buy at these prices,” he said. “Demand destruction is happening.”
It’s what banks and even palm oil producers have warned about: sky-high prices will eventually result in consumers scaling back purchases or simply not be able to afford it anymore. The tropical oil rallied to a record high in Malaysia this week, joining a sweeping rally in commodities, as Russia’s invasion of Ukraine sparked fears that raw material supplies will fall short. Bloomberg
---
Russia-Ukraine Conflict: India At Risk As Soaring Edible Oil Rates Threaten Surging Food Inflation
Ukraine and Russia, which are major the suppliers of wheat, corn, and barley, ship more than 75 per cent of global exports of sunflower oil, one of the world’s four leading edible oils.
New Delhi: Edible oil prices, used in products like chocolate to margarine and instant noodles, are on the rise. This means consumers need to shell out more. From crude oil to edible oils, commodities have been hit hard due to the Russia-Ukraine conflict and the strict Western sanctions that ensued.
According to a report in the Bloomberg, ports in Ukraine are closed, transport and logistics are severed, and buyers are unwilling, or unable, to pay the surging costs of insurance and freight required to secure cargoes from the Black Sea.
Ukraine and Russia, which are major the suppliers of wheat, corn, and barley, ship more than 75 per cent of global exports of sunflower oil, one of the world’s four leading edible oils. That’s made a tight global market even tighter and sent prices of palm and soybean oil, the two most used oils, to record highs. ABP Live
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Malaysia - Increased revenue from high palm oil demands a boost to post-Covid recovery, says minister
KUALA LUMPUR: The increased revenue from the growing demands for palm oil will greatly help the country's recovery from the effects of the Covid-19 pandemic, said the Ministry of Plantation Industries and Commodities.
Its minister, Datuk Zuraida Kamaruddin said in a statement that the government would take this opportunity to increase the country's share of palm oil in the global edible oil market following the escalating prices of crude palm oil (CPO).
Zuraida said she had recently met numerous players in the agri-commodity industry over the rising prices, including those from other countries, such as Egypt, India and Bangladesh.
"This is part of the MPIC's preparations in the face of uncertainties arising from the current geopolitical situation in the world," she said. New Straits Times
India asks Indonesia to raise palm oil supply as prices spike - sources
NEW DELHI/MUMBAI, March 2 (Reuters) - India has asked Indonesia to increase palm oil shipments to the country to compensate for a loss of sunflower oil supplies from the Black Sea region due to the Ukraine crisis, several government and industry sources in India told Reuters.
India, the world's biggest buyer of edible oil, relies on top producer Indonesia for more than half of its palm oil imports, but has been worried by restrictions Jakarta put on its exports in January to calm local prices.
Limited palm supplies, followed by the halt in exports of sunflower oil from the Black Sea region - which accounts for 60% of world sunoil output and 76% of exports - have sent global vegetable oil prices to record highs.
In India, the landed cost of imported crude palm oil has risen 38% since Indonesia announced export curbs on Jan. 27. The cost of soyoil, the second most consumed oil in India after palm, has surged 29% this year, while sunoil suppliers have stopped offering the oil after Russia invaded Ukraine.
Reuters
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Indonesia outlines climate efforts at kick-off to G20 environment meeting
JAKARTA (FORESTHINTS.NEWS) - Indonesian Environment and Forestry Minister Siti Nurbaya pointed out that two core themes of climate action - forest and land use & energy transition - have been at the heart of President Joko Widodo’s leadership and form an integral part of the landmark presidential regulation signed by the President in late October last year (Oct 29) in the lead-up to the G20 and COP26 events.
With regard to climate actions related to forest and land use, Minister Nurbaya explained that Indonesia's 2030 forest and land use (FoLU) net carbon sink target is aligned with the pledge made by global leaders at COP26 to achieve net zero deforestation by that year, as reported by FORESTHINTS.NEWS in mid-December last year.
As for climate actions related to energy transition, the minister said that priority continues to be given to efforts to reduce the use of coal as a means of producing electricity - in addition to continuing to develop renewable energy and orienting towards other greener economies, industries and energy sectors.
She also reaffirmed Indonesia's stance that it is due a portion of the USD100 billion annually in climate finance promised by developed countries to developing countries years ago, but which has yet to materialize.
Forest Hints
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Malaysia - Palm oil to get support from conflict-induced supply disruptions
THE Ukraine-Russia conflict is set to help keep crude palm oil (CPO) prices at historic highs for a longer period as the edible oil market faces a sharper squeeze while the price trends attract more directional trading interest.
The benchmark CPO futures (FCPO) contract hit a historic high of RM6,465 a tonne last week on the breakout of war in Ukraine, but profit-taking last Friday saw the contract end the week at RM5,984 a tonne ahead of the weekend on heavy volumes.
Market watchers believe the price could retest the highs again this week as weather concerns and fears of cuts in supply of wheat and sunflower oil from Russia and Ukraine leave traders chasing up substitutes.
Disruptions of supplies of products like wheat and sunflower seed oil from the Black Sea Ports and trade restrictions on Russia could trigger another rally in FCPO as producers such as animal feed makers are forced to buy alternatives like soymeal which could lower crushing and soy oil supplies.
The Malaysian Reserve
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India - Palm oil becomes costliest vegoil as Ukraine war halts sunoil supply
MUMBAI, March 1 (Reuters) - Palm oil has become the costliest among the four major edible oils for the first time as buyers rush to secure replacements for sunflower oil shipments from the top exporting Black Sea region that were disrupted by Russia's invasion of Ukraine.
Palm oil's record premium over rival oils could squeeze price-sensitive Asian and African consumers already reeling from spiralling fuel and food costs, and force them to curtail consumption and shift to rival soyoil , dealers said.
Crude palm oil (CPO) is being offered at about $1,925 a tonne, including cost, insurance and freight (CIF), in India for March shipments, compared with $1,865 for crude soybean oil.
Crude rapeseed oil was offered at around $1,900, while traders were not offering crude sunflower oil as ports are closed due to the Ukraine crisis.
Reuters
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Malaysian palm oil orders surge as buyers cover for shortfall in Ukraine sunflower oil
Anxious Indian buyers, with no clarity on sunflower oil shipments out of Ukraine, are turning to crude palm oil from Malaysia to fulfill demand ahead of month-long Ramadan which starts in early April, industry sources told S&P Global Platts.
"Panic at destinations specially at India about the supply chain is resulting in buyers looking to cover oil from every source and the asked price," Vivek Pathak, managing director of India-based trading house Athena Tradewinds, which deals predominantly in sunflower oil said in a Feb. 28 note.
Last month, 500,000 mt of sunflower oil was expected to leave Ukraine and the March line up so far is also around 450,000 mt, of which India buys roughly 250,000 mt each month, Pathak said.
Buyers are currently not placing new orders for Ukrainian sunflower oil as they have not been able to track their shipments since Russia invaded Ukraine on Feb. 24, sources said.
S&P Global
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Cameroon - Satisfied Producer of Palm Oil in DRC Has Been “Brought Back from the Brink,” DFIs Sell Debt Holdings in PHC to Maku; Funding to Improve Community Relationships Will Continue
Four European development finance institutions (DFIs) recently sold their debt holdings in Plantations et Huileries du Congo (PHC), a palm oil business in Democratic Republic of the Congo, to Maku Holdings, an affiliate of Kuramo Capital Management, which has offices in Kenya, Nigeria and the US. The DFIs are the Belgian Investment Company for Developing Countries (BIO), the UK-based CDC Group, Deutsche Investitions-und Entwicklungsgesellschaft (DEG) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO).
The DFIs began investing in PHC between 2013 and 2015 out of concern that the firm would fail and thus deprive the country of thousands of jobs and a significant source of cooking oil. They since have concluded that PHC “has been brought back from the brink of collapse.” To acquire the DFI funding, the firm agreed to be bound by an Environmental and Social Action Plan (ESAP), and the firm has spent USD 7 million since then on access to clean water as well as education and medical services. Based on complaints filed via DEG and FMO in 2018, a group of PHC’s neighbors acquired funding for mediation regarding the ongoing impact of PHC’s practices on human rights and other social concerns. Both the ESAP and the mediation process are to continue into the future, the latter with additional funding from DEG and FMO.
The goal of BIO is to “inves[t] in small and medium-sized enterprises, financial institutions, and infrastructure projects, contributing to socio-economic growth in developing countries.” As of 2020, it reports a portfolio of 144 investments, with total assets valued at EUR 1.1 billion (USD 1.2 billion).
Micro Capital
NEW DELHI/MUMBAI, March 2 (Reuters) - India has asked Indonesia to increase palm oil shipments to the country to compensate for a loss of sunflower oil supplies from the Black Sea region due to the Ukraine crisis, several government and industry sources in India told Reuters.
India, the world's biggest buyer of edible oil, relies on top producer Indonesia for more than half of its palm oil imports, but has been worried by restrictions Jakarta put on its exports in January to calm local prices.
Limited palm supplies, followed by the halt in exports of sunflower oil from the Black Sea region - which accounts for 60% of world sunoil output and 76% of exports - have sent global vegetable oil prices to record highs.
In India, the landed cost of imported crude palm oil has risen 38% since Indonesia announced export curbs on Jan. 27. The cost of soyoil, the second most consumed oil in India after palm, has surged 29% this year, while sunoil suppliers have stopped offering the oil after Russia invaded Ukraine.
Reuters
---
Indonesia outlines climate efforts at kick-off to G20 environment meeting
JAKARTA (FORESTHINTS.NEWS) - Indonesian Environment and Forestry Minister Siti Nurbaya pointed out that two core themes of climate action - forest and land use & energy transition - have been at the heart of President Joko Widodo’s leadership and form an integral part of the landmark presidential regulation signed by the President in late October last year (Oct 29) in the lead-up to the G20 and COP26 events.
With regard to climate actions related to forest and land use, Minister Nurbaya explained that Indonesia's 2030 forest and land use (FoLU) net carbon sink target is aligned with the pledge made by global leaders at COP26 to achieve net zero deforestation by that year, as reported by FORESTHINTS.NEWS in mid-December last year.
As for climate actions related to energy transition, the minister said that priority continues to be given to efforts to reduce the use of coal as a means of producing electricity - in addition to continuing to develop renewable energy and orienting towards other greener economies, industries and energy sectors.
She also reaffirmed Indonesia's stance that it is due a portion of the USD100 billion annually in climate finance promised by developed countries to developing countries years ago, but which has yet to materialize.
Forest Hints
---
Malaysia - Palm oil to get support from conflict-induced supply disruptions
THE Ukraine-Russia conflict is set to help keep crude palm oil (CPO) prices at historic highs for a longer period as the edible oil market faces a sharper squeeze while the price trends attract more directional trading interest.
The benchmark CPO futures (FCPO) contract hit a historic high of RM6,465 a tonne last week on the breakout of war in Ukraine, but profit-taking last Friday saw the contract end the week at RM5,984 a tonne ahead of the weekend on heavy volumes.
Market watchers believe the price could retest the highs again this week as weather concerns and fears of cuts in supply of wheat and sunflower oil from Russia and Ukraine leave traders chasing up substitutes.
Disruptions of supplies of products like wheat and sunflower seed oil from the Black Sea Ports and trade restrictions on Russia could trigger another rally in FCPO as producers such as animal feed makers are forced to buy alternatives like soymeal which could lower crushing and soy oil supplies.
The Malaysian Reserve
---
India - Palm oil becomes costliest vegoil as Ukraine war halts sunoil supply
MUMBAI, March 1 (Reuters) - Palm oil has become the costliest among the four major edible oils for the first time as buyers rush to secure replacements for sunflower oil shipments from the top exporting Black Sea region that were disrupted by Russia's invasion of Ukraine.
Palm oil's record premium over rival oils could squeeze price-sensitive Asian and African consumers already reeling from spiralling fuel and food costs, and force them to curtail consumption and shift to rival soyoil , dealers said.
Crude palm oil (CPO) is being offered at about $1,925 a tonne, including cost, insurance and freight (CIF), in India for March shipments, compared with $1,865 for crude soybean oil.
Crude rapeseed oil was offered at around $1,900, while traders were not offering crude sunflower oil as ports are closed due to the Ukraine crisis.
Reuters
---
Malaysian palm oil orders surge as buyers cover for shortfall in Ukraine sunflower oil
Anxious Indian buyers, with no clarity on sunflower oil shipments out of Ukraine, are turning to crude palm oil from Malaysia to fulfill demand ahead of month-long Ramadan which starts in early April, industry sources told S&P Global Platts.
"Panic at destinations specially at India about the supply chain is resulting in buyers looking to cover oil from every source and the asked price," Vivek Pathak, managing director of India-based trading house Athena Tradewinds, which deals predominantly in sunflower oil said in a Feb. 28 note.
Last month, 500,000 mt of sunflower oil was expected to leave Ukraine and the March line up so far is also around 450,000 mt, of which India buys roughly 250,000 mt each month, Pathak said.
Buyers are currently not placing new orders for Ukrainian sunflower oil as they have not been able to track their shipments since Russia invaded Ukraine on Feb. 24, sources said.
S&P Global
---
Cameroon - Satisfied Producer of Palm Oil in DRC Has Been “Brought Back from the Brink,” DFIs Sell Debt Holdings in PHC to Maku; Funding to Improve Community Relationships Will Continue
Four European development finance institutions (DFIs) recently sold their debt holdings in Plantations et Huileries du Congo (PHC), a palm oil business in Democratic Republic of the Congo, to Maku Holdings, an affiliate of Kuramo Capital Management, which has offices in Kenya, Nigeria and the US. The DFIs are the Belgian Investment Company for Developing Countries (BIO), the UK-based CDC Group, Deutsche Investitions-und Entwicklungsgesellschaft (DEG) and Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO).
The DFIs began investing in PHC between 2013 and 2015 out of concern that the firm would fail and thus deprive the country of thousands of jobs and a significant source of cooking oil. They since have concluded that PHC “has been brought back from the brink of collapse.” To acquire the DFI funding, the firm agreed to be bound by an Environmental and Social Action Plan (ESAP), and the firm has spent USD 7 million since then on access to clean water as well as education and medical services. Based on complaints filed via DEG and FMO in 2018, a group of PHC’s neighbors acquired funding for mediation regarding the ongoing impact of PHC’s practices on human rights and other social concerns. Both the ESAP and the mediation process are to continue into the future, the latter with additional funding from DEG and FMO.
The goal of BIO is to “inves[t] in small and medium-sized enterprises, financial institutions, and infrastructure projects, contributing to socio-economic growth in developing countries.” As of 2020, it reports a portfolio of 144 investments, with total assets valued at EUR 1.1 billion (USD 1.2 billion).
Micro Capital
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CSPO Watch. Palm oil news March 2022