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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, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
Friday, 09 September 22
GREECE WILL KEEP COAL-FIRED PLANTS RUNNING FOR LONGER AMID GAS CRISIS - REUTERS
Greece will keep seven coal-fired plants running for longer than previously planned as European countries adjust to a cut in gas flows coming from ...
Friday, 09 September 22
CHINA'S DROUGHT INTENSIFIES GLOBAL COAL SHORTAGE - REUTERS
China’s drought has sent coal prices surging as traders anticipate the lack of hydroelectric generation will force it to burn more coal to me ...
Thursday, 08 September 22
MOODY.S AFFIRMS ABM INVESTAMA'S B1 RATINGS FOLLOWING PLANNED MINORITY INVESTMENT IN COAL MINER; OUTLOOK STABLE
Moody's Investors Service has affirmed ABM Investama Tbk (P.T.)'s B1 corporate family rating (CFR), along with the B1 rating on its senior ...
Thursday, 08 September 22
MARKET INSIGHT - INTERMODAL
While the energy markets are historically stretched, Russian flows of crude oil are closely monitored as the oil trade is ultimately realigned. Mor ...
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- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
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- Attock Cement Pakistan Limited
- Parliament of New Zealand
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- Mercuria Energy - Indonesia
- MS Steel International - UAE
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- Formosa Plastics Group - Taiwan
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- Gujarat Mineral Development Corp Ltd - India
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- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
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- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
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- Sical Logistics Limited - India
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- Ministry of Transport, Egypt
- The University of Queensland
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- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
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- Indian Oil Corporation Limited
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- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
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- Aboitiz Power Corporation - Philippines
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- Kohat Cement Company Ltd. - Pakistan
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- Energy Link Ltd, New Zealand
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- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
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