Malaysia and Indonesia are trying to save the demand for palm oil

2019-11-04 12:04:14
Machine translation
Malaysia and Indonesia are trying to save the demand for palm oil

Providers 90% of palm oil on the world market are Malaysia and Indonesia, whose economies will suffer from the reduction of the production due to lower demand from the EU as a result of the rejection of the use of palm oil in the production of biodiesel. Therefore, Malaysia and Indonesia in order to increase domestic consumption has increased the volume of mandatory use of biofuels.

 

After increasing the standards for the use of biofuels and reduce the production of palm oil prices on the stock exchange in Malaysia in two weeks has grown by 7.37% to 591,78 $/t, though last week they reached the $600/t

 

the Prime Minister of Malaysia Mahathir Mohamad said at the ASEAN summit, in response to the refusal of the EU from purchase of Malaysian palm oil his country will stop the import of European planes and start to buy them in Russia. He stated the need for determining the total firm position on issues relating to economic and other interests of the bloc of ASEAN countries.

 

According to the Association of manufacturers of biofuel Indonesia (APROBI), the country in 2020 would increase consumption of biodiesel to 9.5 million kilolitrov by increasing the mandatory share of biodiesel in fuel from 20% to 30%. Association experts believe that the consumption of biofuels for the year could grow by 16%, given the 6.2 million kilolitrov that are consumed in the country, and 2 million kilolitrov that are exported.

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