Latest Oleochemical News
Crude Palm Oil (CPO) prices have soared due to concerns about production disruptions as a result of the coronavirus pandemic in the world’s two largest palm oil producing countries.
A large explosion with at least two fatalities and multiple injured was reported on Tuesday at a chemical park in Leverkusen, Germany, according to a statement published by Currenta, the company that manages Chempark.
Malaysia has kept its August export duty for crude palm oil (CPO) at 8%, although it lowered the reference price for the first time in 13 months, a circular on the Malaysian Palm Oil Board website showed on 23 July.
The damage caused by a fire at UPM’s 130,000 ton/year Lappeenranta Biorefinery on 10 May is nearly repaired, according to the company. The fire caused substantial damage and repair works have proceeded safely and well during the summer.
Prospects of tight rapeseed supply in Canada due to dry weather during the first half of the year, has driven up prices in the EU as well as pushed prices of palm oil and soybean oil higher globally.
Argentina’s Senate has approved on July 16 a biofuels draft bill advocated by lawmakers from Argentina’s ruling coalition Frente de Todos by a 43-19 vote. The new biofuels legislation stipulates lower blending requirements for biodiesel and ethanol.
The European Commission (EC) presented a proposal on July 14 to cut greenhouse gases from the transport sector by 90% by 2050 in order to meet the goals of the European Green Deal.
USDA lowered its soybean export forecast for Argentina and Brazil for the 2020/21 marketing year by 2.65m and 3m tons, respectively, according to the July Oil Crops Outlook report published every month by the U.S. Department of Agriculture (USDA).
The U.S. season-average soybean price for 2020/21 is forecast at $11.05/bushel, down $0.20 as early-season sales at lower prices continue to weigh on the season-average forecast, according to the July World Agricultural Supply and Demand Estimates (WASDE) report released by the U.S. Department of Agriculture (USDA). The soybean oil price is forecast at 57.5 cents/lb, down 1.5 cents/lb.
Calgary-based Tidewater Midstream is looking to develop a plant on its Prince George Refinery, in British Columbia, to convert vegetable oils, used cooking oil (UCO) and animal fats into renewable diesel.
Argentina’s government has adopted a short new extension for the biodiesel law that has been in effect since 2006, according to the Official Gazette published July 13. The current regime was extended until August 27, or until a decision could be taken at the Parliament.
Malaysia’s end-June palm oil stocks hit a seven-month high up by 0.04% from the previous month to 1.61 million tons, data from industry regulator Malaysian Palm Oil Board (MPOB) showed on Tuesday (July 13).
The Paraná River, which runs through Argentina, Brazil and Paraguay, has hit the lowest historic water levels since 1944, according to Argentina’s National Water Institute (INA) due to scarce rainfall in the river basin, in Brazil, over the last three years.
The Argentine Senate is expected to vote this week on a new biofuels draft bill advocated by lawmakers from Argentina’s ruling coalition Frente de Todos, stipulating that the biodiesel mandate will be reduced from the current 10% to 5%, although the Energy Secretariat would have the flexibility to increase the blending mandate or reduce it to as low as 3% depending on market conditions.
India, the world’s largest palm oil importer, has reduced an import duty on crude palm oil (CPO) to 10% from 15%, the Central Board of Indirect Taxes (CBIC) announced on Tuesday, as it tries to dampen near record high prices by Rs 4,657 per ton, for the last three months.
Delta Biofuel is evaluating Iberia Parish, Louisiana, for a planned $70m renewable fuel plant, company CEO Philip Keating said on Monday. Groundwork for the new facility would begin September 2021, with completion expected in September 2022.
Indonesia, the world’s largest palm oil exporter, adjusted its export levy scheme for crude palm oil (CPO) to reduce the highest rate to $175/ton, Finance Minister Sri Mulyani Indrawati said last Friday.
Malaysia extended its national lockdown indefinitely as a counter measures against the spread of COVID-19, Prime Minister Muhyiddin Yassin announced on Sunday.