Archived News

09/08/2023 (Nairametrics) - One of the biggest casualties of the Nigerian civil war was the local palm oil production industry.

08/08/2023 (Malay Mail), Kota Kinabalu - The Sabah state government said today it has collected some RM6.22 billion in sales tax from its crude palm oil industry from 2018 to this year.

08/08/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures fell for a second session on Tuesday, hitting their lowest in nearly six weeks due to heavy losses in rival edible oils and poor demand.

08/08/2023 (The Economic Times) - Chief Minister Himanta Biswa Sarma led the state in joining the movement in producing edible palm oil when he along with Yoga Guru Ramdev planted saplings of oil palm at Saikhowaghat in Tinsukia today.

09/08/2023 (Jakarta Globe), Jakarta - The formation of a joint task force on the European Union's anti-deforestation law gave Indonesia some hope that it would be able to conclude its overdue trade deal with the 27-member bloc, according to a senior minister.

08/08/2023 (Energy Portal EU) - Indonesia and Malaysia, which account for approximately 85% of global palm oil trade, have agreed to establish an ad hoc task force with the European Union (EU) to address issues related to the EU Deforestation Regulation (EUDR), according to Indonesia’s Coordinating Ministry for Economic Affairs. The EUDR, which came into effect on June 29, imposes traceability and due diligence requirements on imports of palm oil, among other commodities, and restricts products produced on land subject to deforestation since December 31, 2020. The task force held its inaugural meeting in Jakarta on August 4, where participants agreed on terms of reference, including smallholders in the supply chain, national certification schemes, and scientific data on deforestation and forest degradation. The three parties have set a deadline of the end of 2024 for the task force to complete its work, with the next meeting scheduled for November 2023.

07/08/2023 (Nasdaq), Kuala Lumpur - Malaysian palm oil futures eased on Monday on range-bound trading, weighed by expectations of higher supply in the world's second-largest producer and sluggish demand.

07/08/2023 (Business Recorder), Kuala Lumpur - Malaysian palm oil futures were range-bound on Monday, as traders weighed forecasts of higher inventories against global supply concerns amid an escalation of tension in the Black Sea.

08/08/2023 (Daily News, Sri Lanka) - The Planter’ Association of Ceylon (PA) renewed calls for urgent action from policymakers to green light diversification into more lucrative crops like oil palm, in the wake of a sharp reduction in prices of tea and rubber over the first half of 2023 (1H23).

07/08/2023 (New Age) - The government will eliminate the sales of unpackaged soya bean oil within the next six months, said a senior official of the Directorate of National Consumers’ Right Protection on Monday.

05/08/2023 (The Borneo Post), New Delhi - The Malaysian Palm Oil Board (MPOB) has signed a memorandum of understanding (MOU) with an Indian trade body to promote the exchange of vegetable oil sector knowhow between the two countries.

06/08/2023 (The Star Online), Kuala Langat - The Plantation and Commodities Ministry (KPK) will propose oil palm replanting grants to the Finance Ministry (MOF), said Deputy Prime Minister Datuk Seri Fadillah Yusof.