Archived News
21-10-2004
India upbeat on oilseed crop after late rains
Oct. 21, 2004 INDIA - Late rains in key oilseed-growing regions haveimproved the prospects of India's winter crop and the resultant soilmoisture would boost the size of the summer crop, traders said onWednesday. The winter crop is sown in July and harvested by late November,while the summer crop is ready for harvest in April. Groundnut and soybeanare the main winter crops, while rapeseed forms bulk of the summer crop. "We are in for a bumper summer crop," said Sandeep Bajoria, president ofthe Central Organisation for Oil Industry and Trade. "We might surpasslast year's summer oilseed crop size of 10 million tonnes." India, theworld's top edible oil buyer, imports 40 percent of its annual needs of 11million tonnes. It buys palm oils from Malaysia and Indonesia and softoils from Argentina and Brazil. The oilseed sector in India, the world'sfourth-largest vegetable oil producer, has a turnover of about $15 billiona year. The country has 1,500 oil mills, 600 solvent extraction units and500 refining units. Traders said winter oilseed output was expected to beat least a million tonnes lower than last year's 13.9 million tonnes dueto erratic rains in the middle of the June-September monsoon season.Sowing in oilseed-growing states including Gujarat, Madhya Pradesh andMaharashtra was delayed and staggered, and those states got almost no rainat all during the sowing month of July. But late rains in September andearly October have made up for that shortfall to some extent and the soilmoisture would help the next summer crop, traders said. The farm ministrysaid crop scientists have advised farmers to make the best use of themoisture, recommending early sowing of mustard and rapeseed in thenorthern plains. Bajoria said late rains have helped sowing of summercrops, mainly rapeseed in the largest-growing state of Rajasthan.
21-10-2004
India Urged To Review Vegoil Tariff Monthly
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.
21-10-2004
Mekanisme biofuel negara dirangka
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
21-10-2004
Most Appropriate To Use NGV Given Large Reserves,
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.
21-10-2004
Palm Oil Not Meeting Carotenoid Specs To Be Taxed
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.
21-10-2004
Russia : oil crushers accuse foreign companies of
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.
21-10-2004
Steps To Curb Increasing Palm Oil Imports To Sri L
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.
21-10-2004
Strategy to counter oil price spiral
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:
19-10-2004
Cabinet panel to study better fuel use
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.
19-10-2004
Indonesia's Sawit Mas Signs US$1.8 BLN Contract
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.
19-10-2004
M'sia To Lessen Crude Oil Dependence
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.
19-10-2004
Malaysia Cash Palm Oil Dn; Olein Above $400
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)