Palm Oil News. June 2020
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Read the news that impacts the palm oil industry globally.
CSPO Watch News. Making it easy for you to follow the palm oil industry
Malaysia -Palm Oil Set For Better Fortunes After Pandemic Wrecked Bull Run
Palm oil is heading for a recovery in the second half on improving global demand and dwindling output, months after the coronavirus shattered the tropical oil’s stunning bull run. Demand for the world’s most-consumed cooking oil, used in everything from chocolate to ice-cream, lipstick and shampoo, is poised to recover as lockdowns across the globe begin to ease and major consumers, including China and India, are boosting purchases to replenish stockpiles. Bloomberg |
Indonesia's Pertamina to start production of B100 biodiesel next year - CEO
Indonesia state oil company PT Pertamina will start producing 3,000 barrels per day of 'green' diesel made from 100% palm oil starting in June next year, CEO Nicke Widyawati told Parliament on Monday. Pertamina plans to gradually increase output to 6,000 bpd, Widyawati said, without specifying a timeline. Indonesia currently mandates that all diesel contain 30% bio content (B30) made up of fatty acid methyl ester (FAME). The new product, also referred to as "B100" will be produced in Pertamina's Cilacap newly converted biorefinery, Widyawati said. MarketScreener |
Banking & Investments - BlackRock Inc. and BNP Paribas SA are among the financial institutions pushing consumer companies to more comprehensively incorporate the substantial financial risks from deforestation in their climate-risk models.
In recent years, asset managers have had some success getting food, clothing and luxury goods companies to acknowledge the physical, regulatory and market risks that come with sourcing commodities grown on previously forested land. But the continuing loss of tree cover in large swaths of the world has convinced asset managers to redouble their efforts by linking deforestation more specifically to climate change, a subject that tends to receive more attention in corporate boardrooms. S&PGlobal |
Sri Lanka - Confectionary industry to switch from palm to coconut oil use
In a key breakthrough, the confectionary manufacturing industry has agreed to join hands with Coconut Research Institute (CRI) to develop and use coconut oil for their products instead of palm oil. Following the successful meeting with CRI recently, Lanka Confectionary Manufacturers Association (LCMA) has agreed to use a specially developed coconut oil that will suit their production going forward. DailyFT |
India - Higher input cost bites into biscuits manufactures’ profits: TPCI
According to Trade Promotion Council of India’s Chairman Mohit Singla, Indian biscuits manufacturing segment is going through a turmoil and disruption on account of increased input cost to the tune of 35 to 40 percent in recent past. “The industry is not able to honour contract on the agreed pricing, as the purchase of raw material such as wheat, refined palm oil and sugar have shot up,” he said. ProgressiveGrocerIndia |
Ghana - The Oil Palm Development Association of Ghana (OPDAG) has launched a five-year strategic plan from 2020-2024 to improve its governance and administrative structure as well as funding.
The strategic plan, on the theme: "Creating a Socially Responsible, Ecologically Sustainable and an Economically Vibrant and Inclusive Oil Palm Industry in Ghana," is also to establish auditable financial management system. PeaceFM |
Indonesia - Jakarta (ANTARA) - The government has called on the Palm Oil Plantation Fund Management Agency (BPDP-KS) to meet the target of small-scale palm oil plantation rejuvenation set to cover 500 thousand hectares of area in 2020-2022.
"The government has targeted to rejuvenate 500 thousand hectares of small-scale palm oil plantation in 2020 to 2022. I want Mr Eddy (President Director of BPDP-KS) to handle this," chief of the Presidential Staff Office Gen (ret.) Moeldoko said in a statement here on Sunday. AntaraNews |
Malaysia - KUALA LUMPUR (June 27): Malaysian palm plantations have urged the government to let foreign workers return, warning of severe damage to the palm oil industry if it is not granted an exemption from a hiring freeze.
The Malaysian Estate Owners' Association implored the government in a statement yesterday to consider the survival and sustainability of the sector and let grower companies that have been unable to recruit locally hire foreign workers immediately. TheEdgeMarkets |
Brazil - Investors take a stand against Amazon deforestation
A group of investors, led by the Norwegian investment and pension fund, Storebrand, has written to Brazilian embassies warning that rising deforestation in the Amazon is creating uncertainty about the conditions for investing in Brazil. The warning is timely – with the Brazilian government still looking to pass legislation to encourage the development of forested lands – and reflects the growing financial risks associated with investment in activities linked to tropical deforestation, which is worth hundreds of billions of dollars each year. ResponsibleInvestor |
India - Hyderabad: Oil palm cultivation will get a major fillip in the state. Apart from paddy, tur dal, turmeric, ground nut, cotton and other crops, the Telangana government has decided to promote oil palm cultivation in a big way.
India consumes over 21 million tonnes of edible oil every year, but produces only seven million metric tonnes while the rest is imported from various countries. TimesOfIndia |
China - Chinese companies urged to ramp up actions to decouple deforestation risks across the palm oil value chains
CDP’s new report “The Hidden Commodity: how China’s palm oil imports can help halt deforestation” is based on self-reported data from 146 companies that produce, source or use products made with palm oil, out of the 543 companies that responded to CDP’s Forests questionnaire in 2019. WebWire |
India - Godrej Agrovet can build a good contract farming ecosystem for oil palm cultivation, says MD Balram Singh Yadav
Now that the government has allowed contract farming, Godrej Agrovet wants a big play in oil palm cultivation. TheHinduBusinessline |
India - NEW DELHI – A total of 16 states have adopted the three ordinances on farm reforms approved by the Cabinet early this month, Farm Secretary Sanjay Aggarwal said today.
"Sixteen states have issued circulars adopting these ordinances for implementation. But these ordinances are such that they don't need to require any of the circular by the state governments. They are self-contained and are applicable from the day they are implemented," Aggarwal said during a webinar on 'Landmark Reforms in Indian Agriculture and Investment Opportunities Arising in Agri Enterprises'. Cogencis |
India - Gadwal: Agriculture Minister Sinigreddy Niranjan Reddy launched 6th phase of Haritha Haram drive in Batladinne village of Itikyala mandal on Thursday. While launching the programme, the Minister advocated the farmers to take up palm oil plantations in a big way as it is not only going to cleanse the environment with harmful gases but at the same time it also benefit the farmers of good economical returns. TheHansIndia
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RSPO - A highly critical independent review has highlighted significant failings by the watchdog set up to reassure consumers that everyday products with palm oil have been made without damaging the environment.
The Roundtable on Sustainable Palm Oil (RSPO) was created in 2004 to reassure shoppers and businesses that anything bearing its label is not connected to rainforest destruction, including the habitats of endangered species such as orangutans, human rights abuses and contributing to the climate crisis. EIA |
Indonesia looks to sign RCEP this year to support economic recovery.
Indonesia and 14 other negotiating countries agreed Tuesday to sign the Regional Comprehensive Economic Partnership (RCEP) this year to help their economies recover from the pandemic-induced downturn. Iman Pambagyo, who has led the RCEP trade negotiating committee since 2013, said he expected the deal to be signed in November. Countries have so far agreed on the text of the agreement and almost completed the legal review of the text, called legal scrubbing. TheJakartaPost |
Malaysia - KUALA LUMPUR (June 24): The oil and gas (O&G) industry should start exploring how to make use of the biomass resources available in Southeast Asia and incorporate them into its sustainable development plans, according to Petronas process technology manager Mok Thye Yee.
Mok, who is from the group technology solution, technology & engineering division, said O&G players should be looking at the long-term horizon rather than just sticking to conventional investments such as the petrochemical complex. TheEdgeMarkets |
EU - Can the EU’s carbon border tax work for farming?
The theory may be sound but applying it to agriculture will be hard. A carbon border tax is an unusual beast indeed — a policy proposal that has long united most economists in support. The principle is simple. In order to prevent carbon-intensive industries in a particular country moving abroad to economies that do not tax or otherwise put a price on emissions, imports attract tariffs at a rate that adjusts for that cost advantage. FinancialTimes |
Malaysia - Malaysian palm oil producers step up perks to retain foreign workers amid pandemic
The coronavirus pandemic is exacerbating a labour shortage in the Malaysian palm oil industry, which is heavily reliant on foreign workers. Thousands have already abandoned plantations in the world's second largest producer, heading home as borders closed, adding pressure in an industry where around 2-3% of foreign workers "abscond" each year. The labour crunch threatens to reduce Malaysia's output and exports at a time of increased competition as global demand for palm oil is forecast to slip by around 3% in the current crop year. YahooFinance |
China - How to eliminate the deforestation risks of palm oil imported to China?
In 2019, CDP, a non-profit working on environmental information transparency, on behalf of 525 institutional investors and 14 institutional buyers, invited companies across the world to report information related to the production and consumption of forest-risk commodities such as timber, palm oil, beef, soy bean and rubber. In total, 543 companies reported to CDP. CDP’s new report, The Hidden Commodity: how China’s palm oil imports can help halt deforestation reveals that, globally 146 firms report they used palm oil directly in 2019, or that it was used in their supply chains. ChinaDialogue |
Southeast Asia - Forests in oil palm plantations are key to conservation
A new study from the University of York emphasizes the enormous value of protected forest areas in oil palm plantations. According to the researchers, these natural forests play a critical role in supporting biodiversity and storing carbon. Palm oil production is associated with large-scale deforestation and habitat destruction that impacts some of the world’s most threatened species like Asian rhinos, elephants, and orangutans. Earth |
European Union - EU lacks ‘complete overview’ about used cooking oil origins
The European Commission does not have a “complete overview” of the origin of used cooking oils used for the production of biodiesel consumed in the EU, but appears set to tighten the rules, according to sources close to the matter. EURACTIV has learnt that this information is currently not reported by the member states. Euractiv |
India - Telangana. A pilot to extend oil palm cultivation to new districts in the State has taken off with planting of oil palm saplings over 98 acres.
The project was proposed over 2,717 acres in Nirmal, Mancherial, Mahabubabad and the erstwhile Mahabubnagar districts. The administrative sanction for planting the saplings and taking up cultivation over 1,000 acres with drip irrigation was already given, a release said after a meeting of oil palm advisory committee presided by Agriculture Minister S. Niranjan Reddy here on Monday. TheHindu |
Switzerland - ‘In Indonesia palm oil is bigger than watchmaking is for Switzerland’
Amid a referendum just launched in Switzerland against a free trade agreement with Indonesia, the Indonesian ambassador to the Alpine country defends the sustainability of his country’s palm oil exports. SwissInfo |
Switzerland - Swiss ‘Stop Palm Oil’ plea ready for referendum consideration
Activists in Switzerland are calling for a ‘Stop Palm Oil’ referendum opposing the Swiss free trade agreement (FTA) with Indonesia. They submitted thousands of signed petitions to the Federal Chancellery in Bern on Monday. The movement campaigning to exclude palm oil from the FTA – signed in December last year – managed to collect 59,200 signatures, which have yet to be verified. SwissInfo |
Finland - In May 2020, the Finnish consumer good manufacturer Neste Oyj (OTCPK:NTOIF) (OTCPK:NTOIY) (known as Neste) updated its traceability dashboard, which provides data on both Neste’s palm fatty acid distillate (PFAD) suppliers and its Tier 2 suppliers (mills that supply crude palm oil to the PFAD suppliers – see Graphic 1). Despite the company committing to NDPE compliance and ensuring that all suppliers comply with its sustainability policy, Neste’s updated dashboard shows that several deforestation-linked companies are still entering its supply chain. SeekingAlpha
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Malaysia - FGV Holdings Bhd will sell another RM150 million worth of non-core assets this year including the on going sale of Asian Plantations Ltd and Trurich Resources Sdn Bhd.
CEO Datuk Haris Fadzilah Hassan (picture) said both deals are expected to finalise by end of the year. “About RM150 million or about five assets, out of the RM350 million non-core and non-performing assets that we intend to sell will be completed this year. TheMalaysianReserve |
Global - World Rainforest Day: Dozens of retailers commit to deforestation-free fashion supply chains
Ralph Lauren, Ted Baker, Sainsbury's and Asda are among a coalition of 45 major businesses jointly pledging to eliminate deforestation from their fashion supply chains, as part of a collaborative initiative coordinated by non-profit Canopy. The firms have joined Canopy’s CanopyStyle and Pack4Good initiatives, which empower brands to remove the use of forestry products from ancient and endangered forests from their fashion and packaging supply chains respectively. Edie |
Nigeria - Imo state government yesterday said that it has commenced discussion with the Central Bank of Nigeria, CBN, for a loan of N52 billion to be channelled into Adapalm plantation.
The General Manager of Adapalm, Goddy Esomobodo, disclosed this in Owerri, adding that the loan would be used among other things to replace the mills with mordern machines in order to increase the capacity of the oil production, improve the infrastructure as well as expansion of Adapalm to other zones of the state. VanguardNigeria |
India - Long road ahead for ethical palm oil in booming Indian market
Consumption of edible oil in India, which is dominated by palm oil, has crashed by nearly 40% since the national lockdown began. Palm oil imports may slump by as much as 25% in 2020, to the lowest levels in at least a decade, experts say. Since 2001, palm oil – which barely figured in traditional cuisines – has gone from accounting for 29% of edible oil consumption, to nearly 65%. It blends well with other oils and suits frying, a key consideration in preparing Indian food. ChinaDialogue |
Malaysia - JUALA LUMPUR (June 19): India intends to import palm oil from Malaysia as it seeks to fulfil 25 million tonnes of vegetable oil and fats for local domestic use, said Plantation Industries and Commodities Minister Datuk Dr Mohd Khairuddin Aman Razali.
In a statement today, he said this was communicated to him by Telangana’s Minister of Agriculture Singireddy Niranjan Reddy during a video conference held yesterday. TheEdgeMarkets |
India - Telangana state to promote oil palm plantation in a big way
As part of encouraging farmers to diversify from cultivating regular crops to ones having better commercial value, that too over a longer period, the State government has initiated the process for establishment of oil palm processing units to tie up with 3,09,431 hectares (7,64,619 acres) of the plantation crop proposed to be cultivated over the next few years. TheHindu |
Unilever - An opinion from Forbes.
Unilevers climate plan emissions from supply chain and consumers are the real challenge. Because on-the-ground monitoring of deforestation is both difficult and hazardous, Unilever wants to use satellite imagery and blockchain technology to ensure that its suppliers are respecting the zero-deforestation commitment. Interestingly, Unilever, along with several other major corporations, is a member of the multi-stakeholder certification system Roundtable on Sustainable Palm Oil (RSPO). It is not clear whether Unilever's new deforestation initiative will be interpreted as a vote of no-confidence against RSPO, and, if so, how other consumer goods companies are going to respond. Forbes |
The Guardian - An opinion from Damian Carrington
Why you should go animal-free: 18 arguments for eating meat debunked. "What about palm oil destroying rainforests and orangutans? Palm oil plantations have indeed led to terrible deforestation. But that is an issue for everybody, not only vegans: it’s in about half of all products on supermarket shelves, both food and toiletries. The International Union for the Conservation of Nature argues that choosing sustainably produced palm oil is actually positive, because other oil crops take up more land. But Poore says: “We are abandoning millions of acres a year of oilseed land around the world, including rapeseed and sunflower fields in the former Soviet regions, and traditional olive plantations.” Making better use of this land would be preferable to using palm oil, he says." CSPO Watch comment: Wouldn't it be better to return these millions of hectares to nature instead of growing a low yielding oil seed? |
Indonesia - Indonesia creates 'artificial rain' to prevent repeat of devastating fires
Haze from last year’s fires forced airports and schools to close, and are thought to have cost the economy at least $5.2bn The Indonesian government is deploying artificial rains ahead of the dry season’s peak as the country attempts to prevent a repeat of the devastating fires that ravaged millions of acres of forests and land last year. Toxic haze was spewed across south-east Asia, forcing the closure of airports and hundreds of schools, and prompting a diplomatic spat with Malaysia in September last year. TheGuardian |
Italy - Eni CEO working to make green drive irreversible
MILAN/LONDON (Reuters) - Eni CEO Claudio Descalzi wants to turn the 67-year-old Italian oil and gas firm into a greener business, focusing on clean low-carbon products to build a huge customer base which he believes can steady the ship and attract investors more than ever. The veteran oil executive, reappointed as Eni (ENI.MI) chief for a third time in May, told Reuters he wants to ensure Eni will play a role in the energy transition which he believes has accelerated in the wake of the coronavirus crisis. “In these next 3 years I want to trace a completely irreversible path for the group,” Descalzi said. Reuters |
Unilever - Unilever, one of the largest consumer goods companies in the world, had a carbon footprint equivalent to about 60 million metric tons of CO2 in 2019. But by 2039, the company plans to shrink the carbon footprint of its products to net zero, 11 years before the deadline set by the Paris Climate Agreement.The company wanted to move more quickly than 2050, a year that many countries and other businesses are targeting to reach “net zero” emissions, meaning that any remaining human-caused greenhouse gas emissions are balanced out by nature’s ability to suck carbon from the atmosphere. FastCompany
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Indonesia - Jakarta - Chairman of the Palm Oil Entrepreneurs Association (Gapki), Joko Supriyono, on Tuesday explained that Africa could be an attractive market for crude palm oil or CPO as the continent has shown satisfying export growth each year, even though in smaller packages.
“Africa [purchases] in small packs in the form of 200 tons and 500 tons, but it eventually grows larger. This can be an insight into how we can target traditional markets. Specific issues must be taken into attention,” said Joko Supriyono on Tuesday, June 16. TempoCo |
Indonesia - Indonesia’s palm oil dispute with EU set to continue
The world's biggest palm oil producer, Indonesia, has asked the dispute settlement body of the World Trade Organization (WTO) to establish a panel to examine the EU Renewable Energy Directive (RED II), which it claims discriminates against biofuels produced from palm oil. EU member states must transpose the RED II into national law by 30 June next year. The directive classifies palm oil feedstock as having high indirect land-use change (ILUC) risk. This has led to a regulation that will gradually phase out palm oil as a biofuels feedstock from 2023 to a 0pc share by 2030. ArgusMedia |
Nigeria - The National Palm Produce Association of Nigeria, NPPAN, Sunday, demanded Nigeria Oil Palm Development Council, NOPDC, to meet the vision and aspirations of the Buhari –led administration to diversify the economy through agriculture.
According to Iyang the association is currently making efforts and putting in place mechanisms that would galvanise the sub-sector, but need a platform to fast-track it, hence the demand for the establishment of Nigeria Oil Palm Development Council. VanguardNigeria |
Ghana - Stakeholders in Ghana’s oil palm industry say the sector is on the verge of collapse, as cheap imports continue to take over the local market and unless government acts quickly, the sector would go completely under.
The Oil Palm Development Association of Ghana (OPDAG), the mouthpiece of the sector asserts that the 50 percent cut in benchmark valuations on imports, introduced by government in April 2019, has left the industry struggling to survive. GhanaWeb |
Indonesia - JAKARTA, June 15 (Reuters) - Indonesia’s consumption of palm oil-based biodiesel, known as B30, is seen around 8 million kilolitres (KL) this year, below target, Trade Ministry data showed on Monday.
Indonesia is likely to miss its 9.6 million KL target of B30 consumption this year after the coronavirus outbreak hit fuel demand, an energy ministry official said in April. Reuters |
India's quest for food self-sufficiency goes beyond palm oil - NEW DELHI, June 14 -- Reducing dependence on imported edible oils is part of India's larger quest for food self-sufficiency.
There has been much talk in recent years about slashing the country's huge vegetable oil import bill by encouraging farmers to boost oilseed output and allocating more land for oil palm plantations. Bernama |
Malaysia - Bermaz says that in the field of palm biodiesel testing, it is working in close collaboration with PORIM (Palm Oil Research Institute of Malaysia), Japan Automobile Manufacturers Association (JAMA) and the Malaysian Institute of Robotics, and IoT Automotive (MARii), with support from JPJ and the department of environment. The company has provided two units of the Mazda CX-5 to PORIM for a field study. PaulTan
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Colombia - Cali and Villavicencio, June 10, 2020 | Manuelita Aceites y Energía, a subsidiary of Manuelita, started exporting biodiesel to Europe, made from its palm oil crops and processing plants in the department of Meta.
Manuelita |
Southeast Asia - Study finds widespread damage to Southeast Asia's peatlands—and palm oil plantations are not the only ones to blame
Small-scale agriculture and the creation of canals to float timber out of forests were among other reasons for vast peatland subsidence, researchers found. EcoBusiness |
Malaysia - Malaysia is expecting to see improved relations with India after resuming exports of palm oil to the South Asian power. India has signed contracts to purchase up to 200,000 tonnes of palm oil from Malaysia in June and July, resuming purchases after a four-month pause.
There were indications that India-Malaysia ties would soon improve after former prime minister Mahathir Mohamed resigned and Muhyiddin Yassin assumed office. Resumption of trade ties between the countries could lead to further improvements in diplomatic ties as well. AseanToday |
Malaysia - KUALA LUMPUR (June 11): India is expected to import an average of 800,000 tonnes of palm oil a month in the third quarter of this year, Indian Vegetable Oil Producers (IVPA) said today.
Speaking in a webinar organised by the Malaysian Palm Oil Council (MPOC), IVPA president Sudhakar Desai said India’s imports of the commodity averaged 650,000 tonnes a month during the fourth quarter of last year and the first quarter of this year. TheEdgeMarkets |
Indonesia - State-owned oil giant Pertamina is scouting for new partners to develop multibillion dollar oil refineries in Indonesia after its previous partners, from Saudi Aramco to Oman’s Overseas Oil and Gas LLC (OOG), pulled out.
Pertamina recently signed deals with Taiwanese petrochemical giant CPC and a South Korean consortium to develop the Balongan and Tuban refineries respectively. TheJakartaPost |
Southeast Asia - Can power from palm oil waste replace fossil fuels in coal-loving Asia?
Low in moisture and high in calorific value, palm kernel shells are ideal for burning, but their use for power production does not come without challenges. Can these materials help shrink coal's climate impacts in Asia? EcoBusiness |
India - Relations between India and Malaysia are back on the upswing after taking a hit under former premier Mahathir Mohamad, with Kuala Lumpur increasing its purchases of rice and sugar from New Delhi in recent months.
India quietly initiated steps to reset the relationship after Mahathir, who irked New Delhi with his repeated criticism of the situation in Kashmir and the Citizenship (Amendment) Act (CAA), resigned in March, people familiar with developments said on Monday. HindustanTimes |
India - NEW DELHI/MUMBAI, June 8 (Reuters) - India is considering raising import taxes on edible oils as the country seeks to become self-reliant by boosting local oilseed production with the help of tax revenues, two government and two industry officials told Reuters.
The tax hike could curb the world's biggest vegetable oils importer's purchases and weigh on Malaysian palm oil FCPOc3, along with soy and sunflower oil prices, while propping up local prices of oilseeds such as rapeseed, soybean and ground nut. NASDAQ |
India - Telangana eyes expanding oil palm cultivation.
State targets 6.9 lakh acres in phases from 48,000 acres Oil Palm cultivation may emerge as one of the key plantations to be encouraged in the State for meeting the twin objective of boosting farmers’ income and becoming self-reliant by reducing dependency on imports. At present India imports palm oil from Indonesia and Malaysia. While its total annual edible oil import costs ₹75,000 crore, palm oil alone accounts for ₹58,800 crore. TheHindu |
Indonesia Cuts Cost Estimate for Turning Palm Oil Into Biodiesel - Indonesia, the world’s largest palm-oil producer, has cut the cost assumption of converting crude palm oil into biodiesel by 20% to $80 per metric ton, according to the Energy and Mineral Resources Ministry.
The revision, effective this month, is needed to ensure the mandatory program to blend 30% of palm-biofuel with 70% gasoil, known as B30, continues even as the price gap between biodiesel and gasoil rises because of the pandemic, the ministry said in a statement on its website. Bloomberg |
Malaysia - KUALA LUMPUR, June 5 — The government will provide 100 per cent exemption on export duty on crude palm oil, crude palm kernel oil and processed palm kernel oil from July 1, 2020 to December 31, 2020. MalayMail
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Malaysia - KUALA LUMPUR, June 5 (Reuters) - Malaysia’s palm oil refiners have warned the government that new food safety regulations required by the European Union should not be imposed across the whole industry, particularly in light of the coronavirus pandemic. Reuters
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Sierra Leone - Njala University Sierra Leone signs USD191 mil MOU with AVDP for oil palm project.
The project is funded by the International Fund for Agricultural Development (IFAD) and is geared towards nursing 540,000 oil palm seedlings in the next three months for onward distribution to fifteen districts across the country. FarmersReviewAfrica |
Nigeria - The President Muhammadu Buhari’s agriculture revolution programme tagged “The Green Imperative’’ will create about five million jobs and inject over 10 billion US Dollar (about N3.8 trillion) into the economy within 10 years.
TheNewsNigeria |
Indonesia's appetite for ethanol-blended gasoline doubtful despite removal of ban.
Singapore — Southeast Asia's largest buyer of gasoline, Indonesia, has taken another step toward lowering its overall oil purchasing costs by removing its ban on pre-blended gasoline imports, but the prospects of the policy picking up has been downplayed by wider market participants. S&PGlobalPlatts |
Fuji oil (Press Release) - Fuji Oil : Sustainable Procurement Commitment to Eliminate Child Labor and Prevent Deforestation.
The Fuji Oil Group uses palm, cacao, and soybeans as raw materials for its business, which are environmental and social issues at the production site. We consider that switching all raw materials to sustainable ones is an essential strategy to enhance the sustainability of the Group's business. MarketScreener |
Europe - How the EU could wreck Global South and Arab agri exports. Is Europe prepared to shut out the developing world, right when it’s most in need of trade and economic exchange? Some in the global south have good reason to fear so. Last week, the EU quietly announced its Farm to Fork (F2F) strategy. ArabNews
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Malaysia - Palm oil kings Indonesia and Malaysia lost less forests in 2019. KUALA LUMPUR, MALAYSIA —
Indonesia and Malaysia lost less tree cover in 2019 than the year before but continued to suffer some of the heaviest primary forest losses in the world, new data based on US satellite imagery show. VOACambodia |
Global - Banning palm oil not a sustainable option, says agriculture scientists. A new study from ag scientists from the University of Göttingen and the IPB University Bogor (Indonesia) show that the rapid expansion of oil palm has contributed considerably to economic growth and poverty reduction in local communities, particularly in Asia. Food&DrinkInternational
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Europe - The strategy ignores the suffering of smallholder farmers and could create economic catastrophe for the Global South, writes Dayo Israel.
On 20 May the European Commission adopted one of the European Green Deal’s key initiatives: the Farm to Fork (F2F) strategy . The Strategy is meant to demonstrate the EU’s commitment to fighting global warming in the agricultural sector by creating more just and environmentally friendly food systems. TheParliamentMagazine |
Neste rents Chinese port storage to boost UCO trade. Finnish biodiesel producer and oil refiner Neste has leased used cooking oil (UCO) storage at Tianjin port in northeastern China to bolster Chinese UCO trade volumes loading at the port. ArgusMedia
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Cargill - MINNEAPOLIS — Over the past year, Cargill adopted global sustainability efforts to more quickly advance progress. The company established a science-based commitment to reduce supply chain emissions by 30% by 2030, a climate commitment to reinforce support of the Paris Climate Commitment. Meat&Poultry
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India - NEW DELHI (June 2): India's edible oil imports are likely to recover in June after a sharp drop during a nationwide lockdown to contain Covid-19 in April and May, according to industry experts.India is expected to buy 1.14 million tonnes of vegetable oils this month compared with the average of 865,000 tonnes in the previous two months, Sudhakar Desai, president of the Indian Vegetable Oil Producers’ Association (IVPA), said during a webinar on the pandemic's impact on the industry. TheEdgeMarkets
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Ghana - Akwatia — The Minerals Commission will provide free fertilisers to farmers engaged in the oil palm plantation project in mining areas.Board Chairman of the Minerals Commission, Sampson Kwaku Boafo who disclosed this on Friday, said the provision of free fertilisers was one of many interventions the Commission would execute to support farmers and ensure the success of the project aimed at providing alternative source of livelihood to former illegal miners. AllAfrica
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