Archived News

25/10/2023 (Nigerian Tribune) - CURRENTLY, Nigeria occupies the fifth position in the league of palm oil-producing countries, with 1.5 per cent or 1.03 million metric tonnes of the world’s total output, according to the United States Department of Agriculture (USDA). Edo State is already home to two of the biggest oil palm companies in Nigeria – Okomu plc and Presco plc, but Governor Godwin Obaseki’s push for more investment led to the injection of $531.2m by investors to develop greenfield oil palm projects across various locations in the state. These projects include developments by Agro-allied Resources and Processing Nigeria Limited (ARPN), with a 12,000ha plantation; Saro Oil Palm with over 10,000ha integrated farm and Fayus, with 5,000 ha farm, among others. Governor Obaseki of Edo State is set to return Nigeria to world’s leading producer of palm oil. Edo palm oil programme which engages more than 8 palm oil companies have invested in palm oil production in Edo. Governor Obaseki has started the project of expanding Edo State palm oil development to boost Nigeria’s palm oil production in the global 73.23 million metric tonnes.

25/10/2023 (Antara News), Jakarta - The Indonesian government is preparing various strategies to deal with the implementation of the European Union Deforestation-free Regulation (EUDR), the Coordinating Ministry for Economic Affairs stated.

25/10/2023 (Nasdaq), Singapore - Malaysian palm oil futures staged a rebound and rose at closing on Wednesday, though a decline in exports and strengthening ringgit capped gains.

25/10/2023 (The Star Online), Petaling Jaya - The high palm oil stockpile in major palm producing countries that will likely peak soon, favourable palm oil–gas oil (Pogo) spread and lagged impact of El Nino on palm production, are expected to support crude palm oil (CPO) price from 2024 onwards.

24/10/2023(New Straits Times), Kuala Lumpur - The International Palm Oil Congress and Exhibition 2023 (PIPOC 2023), hosted by the Malaysian Palm Oil Board (MPOB), is set to uncover in-depth insights on the outlook for the oil palm industry.

23/10/2023 (The Citizen), Jakarta – Palm oil production in Tanzania is set for a major boost should plans outlined with the support of Indonesia come to fruition.

24/10/2023 (Nasdaq), Singapore - Malaysian palm oil futures fell on Tuesday as a rapidly advancing U.S. soybean harvest and a recovering ringgit weighed on prices, though strong demand limited losses.

24/10/2023 (Jakarta Globe), Jakarta - An expert said Tuesday that Indonesia could file a lawsuit against the European Union (EU) at the World Trade Organization (WTO) for the bloc’s protectionist green policies.

24/10/2023 (The Hindu Business Line) - The Solvent Extractors’ Association of India (SEA) has stressed the need for provision of “bilateral safeguard duty” in the revised ASEAN agreement.

KUALA LUMPUR (Oct 23): Exporters dealing in palm oil and palm-based products should contribute to the oil palm replanting fund to support oil palm smallholders, said Member of Parliament from Jelebu Datuk Seri Jalaluddin Alias.

Malaysian palm oil futures fell on Monday, weighed by weakness in rival Dalian vegetable oils and crude oil, although weakness in the Malaysian ringgit and strong export data limited losses.

It is not Indonesia’s position as the world’s largest crude palm oil (CPO) producer, with a 60 percent share of the global supply, but market confidence in the pricing mechanism at the newly established Crude Palm Oil Futures Exchange in Jakarta, that will determine the success of the bourse in becoming a credible price-discovery center.