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News 27341 to News 27350 of about 28279 news within page 2735
27341. 11/11/2002
JAKARTA, Nov 7 (Reuters) - Indonesian palm oil producers dismissed onThursday concerns over tightness in the world's second largest producer,saying there was no need to raise export taxes as domestic supply wassufficient ahead of religious holidays and the year-end.Although confirming exports have been on the rise in the past fewmonths, they said the increasing output has allowed them to ensuresufficient supply to local cooking oil processors."Yes, exports are rising, but we are still able to meet demand of anaverage 250,000 tonnes per month from cooking oil processors in Java,"Nafis Daulay, chairman of the Indonesian Edible Oils Association (AIMMI)told Reuters from Medan, the capital of main growing area North Sumatra.Daulay said Indonesia's palm oil output this year is seen rising toaround nine million tonnes, while local consumption is stagnant at aroundthree million tonnes of crude palm oil (CPO) equivalent."We have five, or even six million tonnes to be exported. Raisingexport taxes will only kill the industry. What do we have to do with theexcess stocks if we can't export them?" Daulay said.AIMMI data shows Indonesia's monthly palm oil exports have risen tobetween 550,000 and 600,000 tonnes of CPO equivalent since August from anaverage 400,000 tonnes.The government said on Wednesday it may hike export taxes on palm oilto curb exports and ensure a sufficient supply ahead of religious holidaysand year-end.Cooking oil, which in Indonesia is mostly made from palm oil, is asensitive commodity in poverty-stricken Indonesia and significantshortages can lead to social unrest.The country currently imposes a three percent tax on crude palm oil(CPO), and one percent on refined, bleached and deodorised (RBD) palm oil,RBD palm olein and crude olein.
27342. 11/11/2002
RIO DE JANEIRO, Brazil, Nov 5 (Reuters) - Malaysia, the world's biggestpalm oil producer and exporter, is considering investing in the expansionof Brazil's palm oil industry, a Malaysian palm oil official said.Malaysia's Latin American Palm Oil Council representative IderlonAzevedo was quoted on Tuesday in Brazil's financial daily Gazeta Mercantilsaying that the investment could be similar to $100 million Malaysiainvested in Venezuala."The intention to expand Malaysian palm oil production in Brazil isclear, but the volatility of the dollar is blocking progress," Azevedosaid.Brazil's real currency depreciated about 40 percent against the dollarthis year on investor fears of a leftist victory in presidential electionson October 27.But since Workers' Party leader Luiz Inacio Lula da Silva's resoundingvictory with 61 percent of the vote, the real has regained some lostground.Azevedo estimated that Brazil produced 100,000 tonnes of palm oil butconsumed 170,000 tonnes annually, resulting in a deficit of 70,000 tonnes.Brazilian palm oil consumption needed to grow to 250,000 tonnesannually to make the Malaysian investment attractive, he said after avisit by Malaysian palm oil experts between Octobr 23 and November 2.
27343. 11/11/2002
HAMBURG, Nov 4 (Reuters) - Palm oil prices are likely to reach 1,700 to1,800 Malaysian ringgit a tonne in the coming months because of tightsupplies of all vegetable oils and strong demand, Thomas Mielke, editor ofHamburg-based newsletter Oil World, told Reuters."We expect palm oil prices to continue to appreciate in November andDecember and probably reach 1,700 to 1,800 Malaysian ringgit a tonnesometime in January to March 2003," he said on Monday.Malaysian palm oil for January delivery was at 1,564 ringgit a tonne atFriday's close in Kuala Lumpur, where markets were closed on Monday for apublic holiday.Palm oil prices would rise on tightening world edible oils and fatssupplies and a likely decline in Malaysian palm oil production betweenOctober this year and March 2003 compared with the same period lastseason, Mielke added.The decline could be as much as 200,000 tonnes, partly because ofbelow-average rainfall.Oil World estimates global palm oil production at 25.14 million tonnesin 2002/03 (Oct-Sept), still up from 24.64 million last season.But it sees 2002/03 consumption rising strongly to 25.71 million tonnesfrom 24.68 million last season.Strong global demand means stocks in Malaysia and Indonesia, the twodominant exporters, will decline from now to March 2003, lending furtherprice support.Mielke said palm oil prices had been slower to rise than soyoil butwere likely to increase more quickly in coming months."I do not think the discount in the price of palm oil is justified," hesaid. "A further rally, probably a substantial one, is likely in palmoil."He added: "The big question is whether the market will react now oronly after confirmation that supply is slowing further."Falling soybean output in the United States and tight supply ofrapeseed and other products had left the market depending on SouthAmerican soy production.If unfavourable weather reduced the South American crop below currentestimates, the result would be rapidly tightening global oilseed supplyand rising prices.
27344. 11/11/2002
HAMBURG, Nov 5 (Reuters) -China's edible oil imports - especially soyand palm oils - are set to reach record levels in the second half of 2002as domestic production cannot keep up with rising demand, Hamburg-basednewsletter Oil World said.It forecast China will import 440,000 tonnes of soyoil alone betweenOctober and December this year, up from only 52,000 tonnes in the sametime in 2001. Palm oil imports in this period will rise to 640,000 tonnesfrom 572,000 tonnes the same time a year ago."Domestic supplies have tightened and this makes it imperative to raiseimports of soybeans and oil to bridge the supply gap of other commoditiesand satisfy domestic demand," the newsletter said.It added: "As domestic demand for oils and meals continues to expand,Chinese importers will have to look for replacements such as importationof soybeans for crushing in China and imports of soya oil, palm oil andsoybean meal."China restricted imports of all genetically-modified (GM) food in Marchbut this is unlikely to stop the rise in purchases in the remaining weeksof this year. "There are more and more indications that the whole GM issuehas considerably eased," it said."Record palm and soyoil imports will therefore lead to a pronouncedbuildup of stocks at the end of December," it said."It can be expected that Chinese imports of soy and palm oils will declineto a very low level in January and probably February 2003 before theyresume their up trend for the remainder of this season."
27345. 11/11/2002
MANILA, Nov 4 (Reuters) - The tight copra supply in the Philippines,which led to lower coconut oil exports in October, is expected to worsenin coming months, traders said on Monday.Preliminary data from the United Coconut Association of the PhilippinesInc released last week said Philippine coconut oil exports fell in Octoberto 87,200 tonnes, compared with 105,444 tonnes shipped in October lastyear.Copra is the dried coconut meat from which coconut oil is extracted."It was due to lower production of copra which led to slowing down ofcrushing by other mills," said one trader."The copra supply is expected to get tighter in coming months due tothe low production cycle," he added.The Philippines is the world's largest exporter of coconut oil. Thecountry shipped 99,446 tonnes of coconut oil in September this year.Traders estimated the country's copra production in 2002 at 2.2 milliontonnes, down from 2.85 million tonnes produced in 2001."However, if El Nino won't hit us, I think the supply in 2003 shouldrecover," said one trader."It was supposed to be this time already, but so far, there is nosign," he said.El Nino, which has previously caused drought in the region, wasexpected to hit the Philippines in the fourth quarter.El Nino, "little boy" in Spanish, the four yearly phenomenon stems fromunusually high sea temperatures in the Pacific, and goes on to distortweather patterns worldwide.
27346. 11/11/2002
JERANTUT, Nov 10 (Bernama) -- Replanting of oil palm trees has pushed upthe price of palm oil in the global market, said Primary IndustriesMinister Datuk Seri Dr Lim Keng Yaik.He said as of July this year, some 165,000 hectares of oil palm trees,aged some 25 years, had been felled and replanted nationwide.
27347. 09/11/2002
SIBU, Nov 7 (Bernama) -- Local industries in the state should make effortsto adopt cleaner production technology to minimize waste production,Assistant Minister of Public Health and Environment Dr Soon Choon Tecksaid Thursday.By so doing, they would help in preserving and keeping the environmentfree from pollution particularly in the long run, he said after opening aseminar to introduce the concept of "Clean Technology for CleanerProduction" jointly organised by the Department of Environment (DOE) andthe state's Natural Resource and Environment Board (NREB) here.
27348. 09/11/2002
JAKARTA, Nov 7, 2002 (Xinhua) -- The Indonesian government said it mullsincreasing the export duty on crude palm oil (CPO), the raw material forcooking oil, during the current festive season, as a step to meet theneeds of local processing plants.Minister of Industry and Trade Rini M.S. Suwandi said an increase inexport duty would help limit the export of the commodity and thus ensureits availability to local cooking oil producers, the daily Jakarta Postreported here Thursday.The measure would also in turn ensure stable cooking oil prices during theIdul Fitri, the end of Ramadan, which started Wednesday, as well asChristmas festivals.However, the minister said that the government would not raise the duty iflocal CPO producers agreed to ensure sufficient supplies for localprocessing plants. If, conversely, the CPO producers could not guaranteesupplies, the government would hike the export duty, he said.Currently, the Indonesian government imposes a three percent tax on CPOexports, and a one percent tax on refined, bleached and deodorized palmolein exports.Indonesia is the second largest CPO producing country following Malaysiain the world. The country has set a target of producing about nine milliontons of CPO this year, up from last year's 8.3 million tons. Of the totaloutput, about 5.5 million tons are stocked for exports.Indonesia's CPO producers have been increasing their exports in the lastseveral months in view of the steady increase of international prices ofthe commodity.
27349. 09/11/2002
KUALA LUMPUR, Nov 8 (Bernama) -- Moscow-based Badr Forte Bank, the firstand only Russian Islamic bank, today announced that the first number oftransactions involving palm oil products export from Malaysia to Russiawere being finalised.In a statement Friday, the bank said the transactions will be insuredunder an export credit insurance facility provided by Malaysian ExportCredit & Insurance Berhad (MECIB).
27350. 07/11/2002
Brazil, Nov 5, 2002 (COMTEX) -- Malaysian companies are planning to investin the production of palm oil in Brazil. The investment plan should besimilar to the one promoted in 2001 in Venezuela, of US$100mil. Brazilproduces 100,000 m tons of palm oil and consumes 170,000 m tons.Meanwhile, the largest palm oil producer of Brazil, Agropalma, will expandproduction at 53% over the next three years. The company expects to reach2005 with a production of 130,000 m tons of oil. In 2002, Agropalmapredicts 85,000 an increase of 18% compared to the 72,000 m tons producedin 2001.
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