Page 2 - Palm Oil

Why is achieving 'atmanirbharta' in edible oils a difficult ask?

Unless the focus comes back on high-yielding seeds that have a higher oil content than currently available varieties, self-sufficiency in edible oils will continue to be a mirage

Tripura govt to bring 7K hectares under palm oil cultivation by 2026-27

The Tripura government has set a target of bringing 7000 hectares of land under palm oil cultivation by 2026-27 financial year, a senior minister has said. At present, palm oil plants are cultivated in 56.35 hectares of land in the northeastern state. "To expand palm oil cultivation in the state, digital mapping was done in 2020 by the Indian Council of Agricultural Research (ICAR) and the Indian Institute of Oil Palm Research. In the process, 1,46,364 hectares of land were identified in the state. "Of that, 7000 hectares of land would be brought under palm oil cultivation by 2026-27," Agriculture Minister Ratan Lal Nath said. To tap the potential, the Agriculture department has signed MoUs with Godrej Agrovet Ltd and Patanjali Food Private Ltd under the National Mission on Edible Oil, he said. Nath said Godrej Agrovet Ltd has set up a nursery at Nalkata in Unakoti district. "Godrej Agrovet has also brought palm plants from Andhra Pradesh and planted them on 52.01 hectares of lan

SEA urges govt to hike duty difference between crude, refined palm oil

Edible oil industry body SEA has demanded that the government should increase the duty difference between crude and refined palm oil to 15 per cent from 7.5 per cent to curb imports of refined cooking oil and protect domestic players. In a letter to its members, Solvent Extractors' Association of India (SEA) President Ajay Jhunjhunwala pointed out that Indian vegetable oil (comprising of edible and non-edible oil) refining industry is "facing challenges". "The Indian edible oil Industry, with a size of Rs 3 lakh crore (USD 35 billion), holds significant importance. Over the last 12 years, Indonesia and Malaysia have imposed higher export taxes on Crude Palm Oil (CPO) compared to refined Oil to protect their refining industry. This has made refined oil cheaper, rendering Indian capacity redundant and unutilized," he said. In India, the duty differential between CPO and refined palm oil has been reduced to 7.5 per cent, "serving the interests of the refining industry in Malaysia and .

Palm oil imports jump 29% to 9.08 mn tonnes in Nov-Sept of 2022-23: SEA

India's palm oil imports jumped 29.21 per cent to 90.80 lakh tonnes in the first eleven months of the ongoing 202223 oil year, compared to the year-ago period, with RBD Palmolien shipments rising fast, posing a serious threat to the domestic refiners, industry body SEA said on Friday. India, the world's leading vegetable oil buyer, imported 70.28 lakh tonnes of palm oil products during the same period in the the previous oil year. Meanwhile, the country's total vegetable oil imports rose 20 per cent to 156.73 lakh tonnes during the NovemberSeptember period of the 202223 oil year, from 130.13 lakh tonnes in the year-ago period. In September, however, the country's vegetable oil imports witnessed a 5 per cent decline, dropping to 15.52 lakh tonnes from 16.32 lakh tonnes in the same period the previous year. "During November 2022 and September 2023, the import of palm products increased sharply due to price parity. The share of palm oil increased to 59 per cent," the Mumbai-based Solv

3F Oil Palm signs Rs 550 crore pact with Andhra for plantation, processing

Palm oil company 3F Oil Palm on Wednesday said it has inked an agreement with the Andhra Pradesh government to invest Rs 550 crore over next five years for oil palm plantation, development and processing. Under the Memorandum of Understanding (MoU), 3F Oil Palm will develop nursery, crop maintenance facility, farmer services, fresh fruit bunches (FFB) collection and handling, research and development facilities, and a greenfield integrated palm oil processing complex in Ayyavaram village, Nallajerla Mandal, East Godavari, the company said in a statement. The company has also been allotted an additional 24 zones in the five districts of Tirupati, Chittoor, Guntur, Nandyal and Krishna with a potential area of over 1,00,000 hectares, it added. "We are enthusiastic to embark on this transformative journey with the farmers of Andhra Pradesh. Our milestone investment of Rs 550 crore not only signifies our confidence in the potential of the region but also our commitment to sustainable and

Palm oil futures ends higher after 2 losing sessions as soyoil jumps

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market

Godrej Agrovet to set up Rs 300 cr integrated palm oil complex in Telangana

Godrej Agrovet Ltd (GAVL) on Saturday said it will set up an integrated palm oil complex in Telangana with an investment of Rs 300 crore over the next 3-4 years. The palm oil complex, to be set up in the Khammam district of Telangana, is spread over 125 acres and will consist of a crude palm oil mill along with the provision of setting up a refinery in the near future, GAVL said in a statement. The company will also establish a nursery with a capacity of up to 7 lakh saplings per year in addition to the seed production and research unit, it added. "Telangana's ambitious oil palm mission aims to bring 20 lakh acres under cultivation across the state. The mission will improve income for more than 5 lakh farm households, while at the same time contributing to the nation's deficit for edible oils. "Along with being the rice bowl for the country, Telangana is all set to become the largest edible oil producer in India," Telangana Municipal Administration and Urban Development, Industries

Top palm oil buyers expects 26% increase in imports to record 10 MT

Higher purchases by the world's biggest importer of palm oil could help to lower inventories in top producing Indonesia and Malaysia and support benchmark futures

Palm oil buying lifts India's August edible oil imports to record: Dealers

Palm oil imports increased from 1.09 million tons in July to 1.12 million tons in August, the highest in nine months, according to average estimates from the dealers

3F Oil Palm starts oil palm cultivation in Assam under state govt scheme

3F Oil Palm on Monday said it has started oil palm cultivation in Lakhimpur district, Assam, in association with the state government, and aims to cover over 20,000 hectare area in the next five years under a central scheme. The Hyderabad-based company is undertaking the plantation as part of the centrally sponsored scheme National Mission on Edible Oil - Oil Palm (NMEO-OP) and had signed an agreement with the Assam government in December 2022. 3F Oil Palm commenced oil palm plantation on Monday at Bokanala in Baginadi Block, Lakhimpur district, in the presence of state agriculture minister Atul Bora. The initiative aims to uplift farming communities and contribute to India's self-reliance on edible oils. "...upon signing of the MoU with the government in December 2022, we are the first company to have commenced our investment and set up a state-of-the-art nursery and commence plantation activities through this ceremonial plantation," the company's CEO and Managing Director Sanjay .

Godrej Agrovet, SBI partner to offer loans to palm oil farmers: Report

Godrej Agrovet's Oil Palm Business on Thursday said it has partnered with the State Bank of India (SBI) to offer loans to oil palm farmers for setting up micro irrigation facility and install fencing to protect crops from cattle and improvement of tube well at their oil palm farms. Introduced with an objective of aiding oil palm growth by improving Fresh Fruit Bunches (FFB) productivity, it will act as a catalyst to maintain juvenile gardens during the gestation period of the first 5 years, Godrej Agrovet said in a statement. "The partnership with SBI is a testament of our company's efforts to improve farmer's confidence in sustainable oil palm farming. With no income visibility during the long gestation period, this partnership will aid bridge the gap for their finance needs during the initial years," Godrej Agrovet CEO, Oil Palm Business, Sougata Niyogi said. He further stated that the implementation of National Mission on Edible Oils - Oil Palm (NMEO-OP) has generated a new sense

Govt coping with Indonesia's restrictions on palm oil exports: Officials

Last week, Indonesia said it will suspend some palm oil export permits to secure domestic supply as cooking oil prices rise ahead of upcoming Islamic festival Ramadan

SC panel questions need to revive oil palm plantations in Andamans

Oil palm plantations raised in the Andaman and Nicobar Islands in the past have proven to be a total commercial failure, the Supreme Court-constituted Central Empowered Committee (CEC) has said, questioning the need to revive the commercial crop in the archipelago. In a note submitted to the apex court on January 12, the committee said any permission for diversion of forest land for red oil palm plantation in the archipelago in violation of the Forest Conservation Act, 1980, "is bound to open flood gates in all the states for similar agricultural purposes on forest lands". The CEC also said oil palm plantation might lead to encroachment of forest lands in the islands group and asked why the production of palm oil could not be taken up on the mainland. The Union Territory administration, in January 2019, moved the Supreme Court seeking revocation of its 2002 ban on commercial and monoculture plantations on forest land in the Andaman and Nicobar Islands. The proposal is part of the .

India's Dec palm oil imports fall 2.8% to 1.11 million tonnes: Trade body

Imports of soyoil gained 10.1% to 252,525 tonnes while sunflower oil imports jumped 23% to 194,009 tonnes, a release said

India's palm oil imports jumed 29% to 1.14 million tonnes in Nov: Report

Higher imports by India, the world's biggest palm oil buyer, would help top producer Indonesia cut its inventories and support benchmark Malaysian palm oil prices

FMCG makers keep close watch on softening commodity prices on some items

Leading FMCG companies say they are keeping a close watch on prices of major commodities, which have fallen in case of some items like palm oil, but the decline has not been "secular and broad-based". While prices of palm oil have eased and sugar is stable, FMCG firms pointed out that rates of some other major items including wheat are still firm and hence they would wait and watch before taking any call on reducing the price. Softening of commodities prices will help the FMCG firms in improving their profit margins and also some elbow room to pass on the benefits to consumers by lowering the MRP (maximum retail price) of their products. Nestl India Chairman and Managing Director Suresh Narayanan said the company is watching the situation. However, he said softening in commodity prices is not secular and broad-based. "We will watch the situation and evaluate our next step. The price decline in commodities is not secular and broad-based," Narayanan told PTI on the sidelines of an ev

SEA urges govt to hike refined palm oil import duty to save local refiners

The association has argued that a 15 per cent duty difference would help reduce refined palmolein imports and replace the same with crude palm oil imports

India's palm oil imports dip 4.8% in 2021/22, soyoil overseas buying up 45%

The country's palm oil imports in the marketing year ended on Oct. 31 fell to 7.9 million tonnes

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India slashes base import prices of crude and refined palm oil, gold

India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market