Cabinet Approves Import Of 30,000 Tonnes Of Palm Oil

[Jai Dee]

Cabinet approves import of 30,000 tonnes of palm oil

Deputy Government spokesman Chotechai Suwannaporn (โชติชัย สุวรรณาภรณ์) discloses that the cabinet has approved the import of 30,000 tonnes of palm oil yesterday to increase the country’s palm oil reserve.

The 30,000 tonnes of palm oil will be imported via the Public Warehouse Organization in line with the ASEAN Free Trade Agreement or AFTA. The Cabinet has also instructed the Public Warehouse Organization to open a letter of credit with the Krung Thai Bank in the amount of 1.2 billion baht to import the palm oil.

The Public Warehouse Organization is required to complete the process of oil import by February 29. The imported palm oil will be distributed to members of palm oil refineries across the country.

According to the deputy spokesman, the Ministry of Commerce decided to import palm oil as the price of crude palm oil in the country has increased significantly which might affect prices of refined palm oil used for consumption.

In 2007, Thailand produced 1.05 million tones of crude palm oil. About 900,000 tonnes were used for consumption and 2,000 tonnes for the production of bio-diesel. More than 220,000 tonnes were exported to foreign countries.

Source: Thai National News Bureau Public Relations Department - 23 January 2008

[Seneque]

Cabinet approves import of 30,000 tonnes of palm oil

Deputy Government spokesman Chotechai Suwannaporn (โชติชัย สุวรรณาภรณ์) discloses that the cabinet has approved the import of 30,000 tonnes of palm oil yesterday to increase the country's palm oil reserve.

The 30,000 tonnes of palm oil will be imported via the Public Warehouse Organization in line with the ASEAN Free Trade Agreement or AFTA. The Cabinet has also instructed the Public Warehouse Organization to open a letter of credit with the Krung Thai Bank in the amount of 1.2 billion baht to import the palm oil.

The Public Warehouse Organization is required to complete the process of oil import by February 29. The imported palm oil will be distributed to members of palm oil refineries across the country.

According to the deputy spokesman, the Ministry of Commerce decided to import palm oil as the price of crude palm oil in the country has increased significantly which might affect prices of refined palm oil used for consumption.

In 2007, Thailand produced 1.05 million tones of crude palm oil. About 900,000 tonnes were used for consumption and 2,000 tonnes for the production of bio-diesel. More than 220,000 tonnes were exported to foreign countries.

Source: Thai National News Bureau Public Relations Department - 23 January 2008

In 2007 .... 220,000 tonnes were exported, and in early 2008 the cabinet approves an import of 30,000 tonnes ... ? beats me ...

[stumonster]

3200 MYR per ton of palm oil ~ reasonable average from http://www.palmoil.com/index.php?q=D1VTWls=

10 THB per MYR ~ generous exchange rate

1 ton of palm oil 32000 THB

30,000 ton of palm oil ~ 960,000,000 THB

leaves 240,000,000 THB for transport / storage

= very nice contract

[Gravelrash]

3200 MYR per ton of palm oil ~ reasonable average from http://www.palmoil.com/index.php?q=D1VTWls=

10 THB per MYR ~ generous exchange rate

1 ton of palm oil 32000 THB

30,000 ton of palm oil ~ 960,000,000 THB

leaves 240,000,000 THB for transport / storage

= very nice contract

One assumes this is the junta imposed government doing this. Obviously this was too important to wait for the elected government to make a decision. Doesn't seem remotely suspicious to me. Why do cynical people assume that this is a last ditch to line the pockets for the retirement fund?

[seonai]

I thought Thailand had enough palm oil. I hope it's not coming from Borneo

[Jai Dee]

Bt1.2 bn for PWO to import palm olein

The Public Warehouse Organisation will spend Bt1.2 billion to import 30,000 tonnes of palm olein by the end of next month.

The olein will be distributed to six plants to ease the domestic shortage of cooking oil.

The Cabinet on Tuesday approved the PWO's proposal after the country's palm-oil reserves dropped to only 82,000 tonnes. The working stock level should be 120,000-150,000 tonnes.

PWO president Pisut Chalakornkul said yesterday that the state enterprise is preparing to start shipping in the crude palm oil soon.

The six cooking-oil manufacturers earmarked for the imported olein comply with the Palm Oil Manufacturers Association and have also purchased domestic palm oil for production.

They should pay Bt50 satang per kilogram for the import operation.

The government has delayed importing palm oil while waiting for the new palm-nut harvest to enter the market in March.

The local supply problem has prompted cooking-oil manufacturers to hike retail prices by Bt5.50 to Bt49 for a one-litre bottle.

Source: The Nation - 24 January 2008

[moldy]

Bt1.2 bn for PWO to import palm olein

The Public Warehouse Organisation will spend Bt1.2 billion to import 30,000 tonnes of palm olein by the end of next month.

The olein will be distributed to six plants to ease the domestic shortage of cooking oil.

The Cabinet on Tuesday approved the PWO's proposal after the country's palm-oil reserves dropped to only 82,000 tonnes. The working stock level should be 120,000-150,000 tonnes.

PWO president Pisut Chalakornkul said yesterday that the state enterprise is preparing to start shipping in the crude palm oil soon.

The six cooking-oil manufacturers earmarked for the imported olein comply with the Palm Oil Manufacturers Association and have also purchased domestic palm oil for production.

They should pay Bt50 satang per kilogram for the import operation.

The government has delayed importing palm oil while waiting for the new palm-nut harvest to enter the market in March.

The local supply problem has prompted cooking-oil manufacturers to hike retail prices by Bt5.50 to Bt49 for a one-litre bottle.

Source: The Nation - 24 January 2008

Coals to Newcastle. If you're not a Brit you'll have to figure it out.

[geriatrickid]

Genius move. Palm oil production wins as both a major factor in the destruction of rain forests and natural habitat plus it's recognized link to cardiovascular disease due to its high saturated fat content. Don't suppose it had occurred to anyone that there are better alternatives that while slightly more expensive offer benefits that offset the additional costs. bahhhhhhhhhh.

[Jai Dee]

Palm oil gets new prices

The Director-General of the Department of Internal Trade (DIT), Mr. Yanyong Puangrach (ยรรยง พวงราช), has approved the price modification of one-liter palm oil bottle to stay between 43.50 and 47.50 baht.

Mr. Yanyong says the limited quantity of palm fruits has led to the increase of oil prices. He says although palm oil manufacturers have requested to increase their product prices up to 52 baht per liter, the Internal Trade Department has rejected their request. He says the department has considered that the reasonable price range would be no more than 47.50 baht per liter. He says the price adjustment is not subject to soybean oil products, and its price is fixed at 45.50 baht.

Mr. Yanyong also believes that the Cabinet’s resolution to import 30,000 tons of palm fruits will help support the manufacturers, and the prices will not increase again. He adds that the market mechanism will help put a lid on the price of soybean oil in near future as well.

Source: Thai National News Bureau Public Relations Department - 29 January 2008

[luckyboy]

I thought Thailand had enough palm oil. I hope it's not coming from Borneo

What's wrong with the palm oil from Borneo? Does it make the note from the exhaust pipe sound like the cries from ORANG UTANS?

[Plus]

Hold on, are they importing palm oil because local manufacturers can't sell at the prices fixed by the Department? Are they going to go market on them?

Have they thought this through? Shutting local farmers out of business is a dangerous route.

In the meantime they introduced price controls on sixty household items - toothpaste, powdered baby milk and so on. Businesses agreed to freeze the prices for no more than three months. What will happen after that? Inflation is touching 5% per month, whatever tax reduction Surapong offered are not going to keep up with prices.

[just_another_guy]

Oh my,

And a price jump just when I was going to buy a few liters at Big C to try in my old diesel pick-up.

[Tony Clifton]

'' Pad Thai cooked in Borneo palm oil and sprinkled with Chinese garlic please! ''

[luckyboy]

'' Pad Thai cooked in Borneo palm oil and sprinkled with Chinese garlic please! ''

You should also use Hong Kong noodles in your Pad Thai to make it a Thailand’s wholly imported Thai dish.