Page 2 - Palm Oil

3F Oil Palm starts oil palm cultivation in Assam under state govt scheme

3F Oil Palm on Monday said it has started oil palm cultivation in Lakhimpur district, Assam, in association with the state government, and aims to cover over 20,000 hectare area in the next five years under a central scheme. The Hyderabad-based company is undertaking the plantation as part of the centrally sponsored scheme National Mission on Edible Oil - Oil Palm (NMEO-OP) and had signed an agreement with the Assam government in December 2022. 3F Oil Palm commenced oil palm plantation on Monday at Bokanala in Baginadi Block, Lakhimpur district, in the presence of state agriculture minister Atul Bora. The initiative aims to uplift farming communities and contribute to India's self-reliance on edible oils. "...upon signing of the MoU with the government in December 2022, we are the first company to have commenced our investment and set up a state-of-the-art nursery and commence plantation activities through this ceremonial plantation," the company's CEO and Managing Director Sanjay .

Godrej Agrovet, SBI partner to offer loans to palm oil farmers: Report

Godrej Agrovet's Oil Palm Business on Thursday said it has partnered with the State Bank of India (SBI) to offer loans to oil palm farmers for setting up micro irrigation facility and install fencing to protect crops from cattle and improvement of tube well at their oil palm farms. Introduced with an objective of aiding oil palm growth by improving Fresh Fruit Bunches (FFB) productivity, it will act as a catalyst to maintain juvenile gardens during the gestation period of the first 5 years, Godrej Agrovet said in a statement. "The partnership with SBI is a testament of our company's efforts to improve farmer's confidence in sustainable oil palm farming. With no income visibility during the long gestation period, this partnership will aid bridge the gap for their finance needs during the initial years," Godrej Agrovet CEO, Oil Palm Business, Sougata Niyogi said. He further stated that the implementation of National Mission on Edible Oils - Oil Palm (NMEO-OP) has generated a new sense

Govt coping with Indonesia's restrictions on palm oil exports: Officials

Last week, Indonesia said it will suspend some palm oil export permits to secure domestic supply as cooking oil prices rise ahead of upcoming Islamic festival Ramadan

SC panel questions need to revive oil palm plantations in Andamans

Oil palm plantations raised in the Andaman and Nicobar Islands in the past have proven to be a total commercial failure, the Supreme Court-constituted Central Empowered Committee (CEC) has said, questioning the need to revive the commercial crop in the archipelago. In a note submitted to the apex court on January 12, the committee said any permission for diversion of forest land for red oil palm plantation in the archipelago in violation of the Forest Conservation Act, 1980, "is bound to open flood gates in all the states for similar agricultural purposes on forest lands". The CEC also said oil palm plantation might lead to encroachment of forest lands in the islands group and asked why the production of palm oil could not be taken up on the mainland. The Union Territory administration, in January 2019, moved the Supreme Court seeking revocation of its 2002 ban on commercial and monoculture plantations on forest land in the Andaman and Nicobar Islands. The proposal is part of the .

India's Dec palm oil imports fall 2.8% to 1.11 million tonnes: Trade body

Imports of soyoil gained 10.1% to 252,525 tonnes while sunflower oil imports jumped 23% to 194,009 tonnes, a release said

India's palm oil imports jumed 29% to 1.14 million tonnes in Nov: Report

Higher imports by India, the world's biggest palm oil buyer, would help top producer Indonesia cut its inventories and support benchmark Malaysian palm oil prices

FMCG makers keep close watch on softening commodity prices on some items

Leading FMCG companies say they are keeping a close watch on prices of major commodities, which have fallen in case of some items like palm oil, but the decline has not been "secular and broad-based". While prices of palm oil have eased and sugar is stable, FMCG firms pointed out that rates of some other major items including wheat are still firm and hence they would wait and watch before taking any call on reducing the price. Softening of commodities prices will help the FMCG firms in improving their profit margins and also some elbow room to pass on the benefits to consumers by lowering the MRP (maximum retail price) of their products. Nestl India Chairman and Managing Director Suresh Narayanan said the company is watching the situation. However, he said softening in commodity prices is not secular and broad-based. "We will watch the situation and evaluate our next step. The price decline in commodities is not secular and broad-based," Narayanan told PTI on the sidelines of an ev

SEA urges govt to hike refined palm oil import duty to save local refiners

The association has argued that a 15 per cent duty difference would help reduce refined palmolein imports and replace the same with crude palm oil imports

India's palm oil imports dip 4.8% in 2021/22, soyoil overseas buying up 45%

The country's palm oil imports in the marketing year ended on Oct. 31 fell to 7.9 million tonnes

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India slashes base import prices of crude and refined palm oil, gold

India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market

India's palm oil imports to jump 9% on rising demand, lower prices

Higher palm oil imports would lift India's total edible oil imports to 14.1 million tonnes in 2022/23 from 13.8 million tonnes, the survey showed

Indonesia producers trimming palm oil stocks with discounts, India sales

Indonesian palm oil producers are whittling down their hefty inventory overhang with discounts versus rivals and aggressive sales to India, industry officials said

Patanjali to grow oil palm on 38,000 hectares in nine Arunachal districts

Firm lays foundation stone for oil palm mill in the state where already has two nurseries and plans three more

India committed to importing 2.6 mn tonnes of palm oil products: Indonesia

India is committed to importing 2.6 million tonnes of palm oil products worth $3.16 billion, Indonesia's trade minister said in a statement on Tuesday

TMSEp236: Airfare cap, aircraft maintenance, edible oil stocks, flag code

How will removal of caps on airfare affect ticket prices? Why's aircraft maintenance sector in dire straits? Will edible oil stocks run out of steam? What is the Tricolour's flag code? Answers here

To achieve self-sufficiency in oilseeds, pulses govts must assure purchase

Though there has been an increase in acreage and production of these items, there hasn't been a big reduction in paddy and wheat acreage

Asian palm buyers replenish inventories as prices correct to one-year low

It will also help Indonesia to reduce stockpiles that swelled after its export ban earlier this year and pressured local prices lower and squeezed farmer's incomes.

Edible oil prices will soften by Rs 15/litre in a few weeks: Industry

Decision arrived at today during a meeting between industry players & officials

India's palm oil imports dip 33% in May to 514,022 tonne, says SEA

India, the world's leading vegetable oil buyer, imported 7,69,602 tonnes of palm oils in May 2021