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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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Monday, 26 October 20
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Friday, 23 October 20
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KNOWLEDGE TO ELEVATE
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Friday, 23 October 20
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Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
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Wednesday, 21 October 20
INDIA: THE COMMERCIALISATION OF COAL BLOCKS WILL BENEFIT THE ECONOMY - HINDU BUSINESS LINE
As the government of India receives 76 bids for 23 coal mines against the 38 up on auction, what does this commercialisation of coal block allocati ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- IHS Mccloskey Coal Group - USA
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- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
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- Kumho Petrochemical, South Korea
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- SMG Consultants - Indonesia
- Indian Energy Exchange, India
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- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
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- Australian Coal Association
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- New Zealand Coal & Carbon
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- Pipit Mutiara Jaya. PT, Indonesia
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- PetroVietnam Power Coal Import and Supply Company
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- Larsen & Toubro Limited - India
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- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
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- The University of Queensland
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
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- Planning Commission, India
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- Thai Mozambique Logistica
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- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
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- London Commodity Brokers - England
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- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
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- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
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