InfoSAWIT, KUALA LUMPUR – The second biggest palm oil producer in the world, Malaysia, on Friday claimed, the country planned to advantage the lack of vegetable oil in the globe and ‘political tension’ in Europe to get palm oil markets after many consumers avoided the commodity for demanding environmental issues.
Prior the companies in European countries introduced ‘palm oil free’ in their products in the past years. European Union, as the biggest palm oil buyer in the world decided to stop biodiesel in palm oil base in 2030 in phase.
But retailer company, such as, Iceland – the supermarket network in United Kingdom tried to vanish palm oil from their products since 2018. But the company is forced to use palm oil in several past months because of the lack of vegetable oil in the global which is triggered by the war between Russia and Ukraine, and palm oil export ban by Indonesia.
Minister of Industry and Plantation Commodity Malaysia, Zuraida Kamaruddin said that the Government of Malaysia would take the chance of crisis. “It is time for us to escalate everything to fight for propaganda which made us loss. It is time for us to show that palm oil has the good for the health,” Zuraida said, as quoted from Reuters.
Zuraida mentioned, vegetable oil price in the world could remain expensive until the first semester of 2022 and palm oil demands from European Union would be increasing in this very short because of the limited stocks of soybean and sunflower oil.
Prior, a vegetable oil association and Proteinmeal in European Union, FEDIOL on Tuesday claimed, Indonesia’s palm oil export ban has no issue for they have had palm oil stocks for the next several weeks.
The uncertain sunflower oil stocks because of Russian invasion to Ukraine urged palm oil and soybean imports to the country because the importers have to get alternative sources and this blew vegetable oil trade up. (T2)