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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 March 20
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Cape
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Thursday, 05 March 20
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- Altura Mining Limited, Indonesia
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- Energy Development Corp, Philippines
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- Thai Mozambique Logistica
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- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
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- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
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- Minerals Council of Australia
- Anglo American - United Kingdom
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- Indonesian Coal Mining Association
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- Gujarat Mineral Development Corp Ltd - India
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- Renaissance Capital - South Africa
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- Formosa Plastics Group - Taiwan
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- London Commodity Brokers - England
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- Posco Energy - South Korea
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
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- Indian Oil Corporation Limited
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- San Jose City I Power Corp, Philippines
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- Sindya Power Generating Company Private Ltd
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- Baramulti Group, Indonesia
- Economic Council, Georgia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
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- White Energy Company Limited
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- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
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- GAC Shipping (India) Pvt Ltd
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- Jorong Barutama Greston.PT - Indonesia
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- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
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- MS Steel International - UAE
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- Cigading International Bulk Terminal - Indonesia
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- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
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- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
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- Medco Energi Mining Internasional
- CNBM International Corporation - China
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- Central Electricity Authority - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
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- Metalloyd Limited - United Kingdom
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- Aditya Birla Group - India
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- Standard Chartered Bank - UAE
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- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
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- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
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