The European Council and the European Commission both agreed on May 16 to adopt the EU Deforestation-free Supply Chain Regulation (EUDR), which is designed in the context of making Europe’s economy greener, all while some of its members are reverting to coal in response to the recent energy crisis in the wake of the Ukraine…
Malaysian palm oil futures ended higher for a third straight day on Friday to log weekly gains on stronger rival oil prices and production concerns over the impact of El Nino. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 61 ringgit, or 1.75%, to 3,554 ringgit ($801.35) a tonne, its…
The European regulation to combat deforestation (EUDR) is an opportunity for Indonesia. This statement is not meant provocatively. I will attempt to prove that the Indonesian government can and must transform an annoying and costly European decree into an opportunity for not only economic and social but also geopolitical development. I do not want to…
Palm oil may test a support at 3,498 ringgit per tonne, a break below could open the way towards 3,418 ringgit. The contract seems to be riding on a wave c, which carries the purpose of covering a gap forming on May 5. However, the support at 3,498 ringgit must not be ignored. The support…
Malaysian palm oil futures extended gains to a fourth consecutive session on Monday, hitting a more than two-week high, as forecasts of a sharper decline in April output triggered supply concerns. The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 66 ringgit, or 1.83%, to 3,667 ringgit ($826.83) a…
Jakarta. Indonesia’s palm oil export to China and Bangladesh saw a huge jump this February, according to the industry association. The Indonesian Palm Oil Association (Gapki) recently revealed that the country’s palm oil export to China witnessed a 55-percent increase from 522,900 tons in January to 809,500 tons a month later. Indonesia shipped 154,000 tons of…
Bangladesh is set to sign a preferential trade agreement (PTA) very soon with Indonesia, the fifth biggest economy of Asia, Commerce Minister Tipu Munshi said Sunday. Indonesian Ambassador Heru Hartanto Subolo echoed the commerce minister’s optimism about the trade deal and said progress has been made in this regard during a courtesy call on at the…
Indonesia said the ramp-up toward its latest biodiesel mandate has been slow, but the country will stick to its target of producing fuel using a 35% blend of palm oil this year. The world’s top vegetable oils producer implemented the biodiesel program known as B35 in its transport sector at the start of February, raising…
Indonesia and Malaysia have donated 100 thousand germinated oil palm seedlings to help hundreds of Honduran farmers affected by the 2020 hurricanes, Coordinating Minister for Economic Affairs Airlangga Hartarto has said. “This initiative shows our commitment to collaboration and solidarity among palm oil-producing countries,” he said in a statement released on Monday. The governments of Indonesia…
By Bernadette Christina and Dewi Kurniawati JAKARTA, March 17 (Reuters) – Indonesia’s plan to channel crude palm oil (CPO) exports via a futures exchange would improve policymaking in the top producer and avoid a need for the type of export ban that sent shockwaves through global markets last year, its chief regulator said. Authorities aim…
THE Plantation and Commodities Ministry (MPIC) alongside its Indonesian counterpart will be meeting European Union (EU) representatives at the end of May to address the issue of banning the sales and export of palm oil to their bloc. According to Deputy Prime Minister and Plantation and Commodities Minister Datuk Seri Fadillah Yusof, the meeting will…
Jakarta. The B35 policy — which increases the palm-oil based biodiesel blend from 30 percent to 35 percent — could increase domestic demand for palm oil by 2 million tons, an industry executive has said. “Switching from B30 to B35 will potentially spur a 2 million ton increase in [domestic palm oil] demand,” Santosa, the chief executive…
JAKARTA — Indonesia and Malaysia are in need of strong commitment to strengthen their synergy in defending their positions as the world’s largest producers of palm oil, which has been long the target of negative campaigns at the global market. Tofan Mahdi, Head of Communication Division at the Indonesian Palm Oil Association (GAPKI), said that…
JAKARTA, Dec 9 (Reuters) – Indonesia may start implementing a programme to use biodiesel with 35% blend of palm oil-based fuel, known as B35, from January, 2023, a senior energy ministry official said on Friday. Currently the world’s top palm oil producer, Indonesia uses B30, containing 30% palm oil-based fuel. The overall palm oil-based fuel allocation for 2023…
JAKARTA, Dec 7 (Reuters) – Indonesia’s energy ministry plans to start rolling out a 5% ethanol blend of fuel made using sugarcane in three years time, starting with a few provinces of the country, it said in a statement on Wednesday. Under a new roadmap, which was developed with the Bandung Institute of Technology, the introduction of bioethanol…
Jakarta (ANTARA) – The Coordinating Ministry for Economic Affairs spotlighted collaboration as being crucial in pursuing a green economy to achieve the Sustainable Development Goals (SDGs) in 2030. Deputy for Food and Agriculture Coordination at the Coordinating Ministry for Economic Affairs Musdhalifah Machmud stated that the collaboration in question is between the government, private sector,…
China has signed a US$2.6 billion worth of commitment to purchase crude palm oil (CPO) and its derivative products from Indonesia, allowing the archipelagic country to secure a trade boost from its number-one trading partner amid global recession. The sum covers a total of 2.5 million tonnes of CPO and some derivative products, involving deals…
Indonesia’s trade balance experienced an unanticipated bump in October as demand from the country’s largest Asian trading partners increased and imports of capital goods fell. The trade surplus rose to USD5.67 billion in October, according to Statistics Indonesia (BPS), reversing a drop in the previous month that brought the balance to USD4.99 billion. The export…
The stronger price of crude oil is making a higher mix of bio-content in fuel increasingly more feasible for Indonesia, which currently has a mandatory 30% mix of palm oil in biodiesel, a senior cabinet minister told an industry conference on Thursday. The cost of producing biodiesel is cheaper than fossil diesel fuel at the moment,…
Workers from Indonesia are top on the preferred list by oil palm plantation owners and smallholders, says caretaker Deputy Plantation Industries and Commodities Minister Datuk Seri Dr Wee Jeck Seng. He said Indonesian workers were known to have the expertise and experience in harvesting and collecting fresh fruit bunches. “Apart from Indonesia, we are also…
