Archived News

20/10/04 (Dow Jones)--India edible oil industry lobby group COOIT asksgovernment to review base prices for imports on monthly basis; timing ofrevision now entirely at government's discretion, which can be disruptiveto domestic mkt, says executive director K.M.L. Chhabra. Traders saymonthly review of base prices can help reduce volatility of selling pricesin India, which is good for importers and overall trading of palm oil.

KUALA LUMPUR: Satu mekanisme pelaksanaan penggunaan minyak sawit sebagaibiofuel di negara ini kini sedang dirangka sebelum dihantar ke Kabinet,kata Ketua Pengarah Lembaga Minyak Sawit Malaysia (MPOB), Tan Sri Dr YusofBasiron

KUALA LUMPUR, Oct 19 (Bernama) -- The Federation of MalaysianManufacturers (FMM) said Tuesday the promotion of the use of natural gasvehicles in the transportation system was most appropriate in view thatMalaysia has large reserves of natural gas.

NEW DELHI, Oct 19 (Bernama) -- The Indian government has clarified thatimported palm oil consignments not meeting the stipulated minimum 500 mgper kg total carotenoids specification would attract 75 percent basiccustoms duty.

10/19/2004 14:58 - An informal meeting of the management of Russia'sfive largest oil-crushing corporations has taken place recently inRostov-on-Don, newspaper Kommersant has informed. The meeting participantshave decided to pursue mutually coordinated pricing policies in purchasingsunflower seeds, the sellers of which raised their prices in hope toobtain overprofits.

COLOMBO, Oct 18 (Bernama) -- Sri Lanka's Plantation Ministry is planningto impose a tax on all palm oil products in the forthcoming budget in aneffort to curb increasing palm oil imports.

PUTRAJAYA, Oct 18 - Malaysia is moving to reduce its dependence on fuel,with no end in sight of the continuing increase in global oil prices.And this new orientation will result in the Government studying how to:

Tuesday October 19, 2004 - PETALING JAYA: The Government will study waysto increase the efficient use of fuel to reduce the country’s dependenceas world oil prices breached another record high of US$55 per barrel.

JAKARTA, Oct 18 Asia Pulse - Sawit Mas Group has signed with Procter &Gamble Chemicals a US$1.8 billion oleochemical sales contract, the secondbetween the two sides after one valued at US$200 million signed in Januarythis year.

KUALA LUMPUR, Oct 18 (Bernama) -- Prime Minister Datuk Seri Abdullah AhmadBadawi Monday said that the government would look into ways to lessen thecountry's dependence on crude oil and this includes increasing the use ofnatural gas vehicles in public transportation, encouraging the developmentof renewable energy, using palm oil as biofuel and increasing energyefficiency.

10/18/04 Oilmandi - Malaysian cash palm oil prices lower in slow trading,but RBD palm olein still above key $400/MT psychological level. Oct RBDpalm olein offered at $420, down $2.5, while Jan olein offered unchangedat $402.50. Prices have held current levels several times this year andhave rebounded, but chances of another recovery not as strong this time,trader in Singapore says; "I'm beginning to doubt whether we can reboundagain because of the external situation. Soyoil is weak and the Dalianexchange in China is also down;" adds slow consumer demand also pressuringprices. (BEL)

10/18/04 Oilmandi - RBD palm olein discount to soyoil around $60-$70/MT,half levels witnessed earlier in year. Palm oil was at premium to soyoilon occasion in 1990s, but traders say little chance of repeat; unfavorablyhigh import duties for palm oil in major consumer India requires palm oilto maintain discount to stay attractive, traders say. "If palm oil doesever trade at a premium, it won't last. People will be selling palm andbuying soybean oil," trader says.