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Indonesia, the world’s biggest palm oil producer, is offering incentives to developers of a new 100 percent palm oil-based “green diesel,” which the net oil importer hopes can replace costly fuel imports within three years, Industry Minister Airlangga…
Palm oil sourced from illegally cleared rainforest areas in Indonesia has flowed through traders to major consumer goods brands despite widespread commitments to cease purchases of non-sustainable oil, a new report says. Palm oil companies Royal Golden Eagle…
The European market is open to palm oil and there is no ban on the commodity, said Ambassador and Head of European Union Delegation to Malaysia, Maria Castillo Fernandez. Clarifying the stance of Europe on palm oil, she said there is a discussion in the…
Malaysian palm oil futures fell at the midday break today, as weak export demand and losses in US soyoil weighed. The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange was down 0.8% at RM2,266 per tonne, its…
Dozens of French farmers blocked access to 13 refineries across the country today to protest against plans to import palm oil for use in biofuels, a move they denounce as unfair competition which jeopardises their livelihood. Energy giant Total wants to…
Indonesia is preparing for a worst-case scenario should the European Parliament’s draft of a ban on the use of palm oil in biofuels get approved by the European Commission and European Council. In January, members of the European Parliament voted in favor to…
Boustead Plantations Bhd saw its net profit slump 82.2% to RM5.26 million for the first quarter ended March 31, 2018 compared with RM29.56 million in the previous corresponding period, dragged by lower prices of palm products. Revenue also fell 18.2% to…
Malaysian palm oil futures declined today, as traders feared the prospect of cancelled shipments to India and after forecasts made at an industry conference in Kuala Lumpur. The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives…
Consumer goods giant Unilever said on Friday (16/02) it had laid bare its entire palm oil supply chain, including all the suppliers and mills it sources from, to boost transparency in a rare industry move. Unilever said it was the first consumer goods company…
More engagements, consultations and follow-up actions are needed to remove the European Union’s (EU) threat to ban palm oil use in biofuels, said industry veteran Tan Sri Dr Yusof Basiron. The former Malaysian Palm Oil Council CEO said Malaysia’s stance was…
Felcra Bhd is planning to forge collaborations with international companies for the purpose of exporting palm oil to countries in the Middle East and Africa, said its CEO, Datuk Zulkarnain Md Eusope. To increase the agency’s revenue, he said, it must not…
Food and beverage giant PepsiCo has suspended procurement from a palm oil supplier over claims of labor abuses on its Indonesian plantations, a move hailed by campaigners on Wednesday (24/01). A 2016 probe by several campaign groups alleged there were child…
Greenpeace International launched a new report on Tuesday, January 17, 2017, accusing British HSBC of supporting deforestation. The report stated that British HSBC provided financial services to palm oil companies that are causing rainforest destruction and…
Indonesia saw the exports of its palm oil products, which include crude palm oil (CPO), biodiesel and oleochemical, increase by 34 percent month-on-month to 2.45 million tons in October, thanks to rising demand from major export destinations. In September,…
India’s palm oil imports are expected to slip next month by up to a fifth, including from the top two producers Indonesia and Malaysia, as New Delhi’s removal of high-value rupee notes from circulation disrupts distribution systems and curbs demand. Traders…
