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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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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Coastal Gujarat Power Limited - India
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- Baramulti Group, Indonesia
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- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- PTC India Limited - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
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- Kepco SPC Power Corporation, Philippines
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- Eastern Coal Council - USA
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- Coalindo Energy - Indonesia
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- White Energy Company Limited
- The University of Queensland
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- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
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- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
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- GAC Shipping (India) Pvt Ltd
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- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
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- Standard Chartered Bank - UAE
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- Larsen & Toubro Limited - India
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- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
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- GVK Power & Infra Limited - India
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- Holcim Trading Pte Ltd - Singapore
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- Mercuria Energy - Indonesia
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- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
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- Latin American Coal - Colombia
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- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
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- The State Trading Corporation of India Ltd
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- Star Paper Mills Limited - India
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- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
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- Global Green Power PLC Corporation, Philippines
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- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
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- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
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- The Treasury - Australian Government
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- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
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- Eastern Energy - Thailand
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- Timah Investasi Mineral - Indoneisa
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- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
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- Trasteel International SA, Italy
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- Economic Council, Georgia
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