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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Vedanta Resources Plc - India
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- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
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- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
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- Ministry of Mines - Canada
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- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
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- Antam Resourcindo - Indonesia
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- Mercuria Energy - Indonesia
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- ICICI Bank Limited - India
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- Sakthi Sugars Limited - India
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- AsiaOL BioFuels Corp., Philippines
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- Siam City Cement - Thailand
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- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
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- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
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- European Bulk Services B.V. - Netherlands
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- Directorate General of MIneral and Coal - Indonesia
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- PTC India Limited - India
- Independent Power Producers Association of India
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- Binh Thuan Hamico - Vietnam
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- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
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- Minerals Council of Australia
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- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
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- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Indonesian Coal Mining Association
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- Parry Sugars Refinery, India
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- Electricity Generating Authority of Thailand
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- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
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