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Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding the move would not disrupt government revenues.
The decision by the world’s biggest palm oil exporter could further depress prices FCPOc3, which have fallen by about 50% since late April to their lowest in over a year.
Indonesian palm oil producers have been struggling with high inventories since the country imposed a three-week export ban through to May 23 to reduce domestic cooking oil prices.
Since lifting the ban, Jakarta has implemented rules on mandatory local sales – known as the domestic market obligation (DMO) – to keep produce at home to be made into cooking oil.
At the same time, it has tried to clear up storage tanks by cutting export taxes and launching a shipment acceleration programme, but exports remained slow and companies have blamed the DMO rules, as well as problems with securing cargo vessels.
The levy removal is intended to further support exports, Febrio Kacaribu, the ministry’s head of fiscal policy agency, told reporters on the sideline of a G20 finance meeting in Bali.
“In the context of government revenues, (the impact) won’t be too big,” he said.
Finance Minister Sri Mulyani Indrawati said a progressive palm oil export levy would be applied starting Sept. 1, with the rate set between $55 and $240 per tonne for crude palm oil, depending on prices.
High palm oil stocks have forced mills to limit purchases of palm fruits. Farmers have complained their unsold fruits have been left to rot.
There were 7.23 million tonnes of crude palm oil in storage tanks at the end of May, data from the Indonesian Palm Oil Association (GAPKI) showed on Friday.
GAPKI welcomed the new measure, but it recommended the DMO rules be removed too, its secretary general Eddy Martono said.
“For now remove the DMO … until stocks drop to 3 million to 4 million tonnes. Our problem now is the inventory is too high,” he told Reuters.
Source: Reuters
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
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- Coal and Oil Company - UAE
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- Attock Cement Pakistan Limited
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- Chamber of Mines of South Africa
- Eastern Coal Council - USA
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- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
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- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
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- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
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- Therma Luzon, Inc, Philippines
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- Bangladesh Power Developement Board
- Bhatia International Limited - India
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- White Energy Company Limited
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- Siam City Cement - Thailand
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- Parliament of New Zealand
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- The University of Queensland
- Power Finance Corporation Ltd., India
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- Antam Resourcindo - Indonesia
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- Trasteel International SA, Italy
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- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
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- Directorate Of Revenue Intelligence - India
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- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
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