Latest Oleochemical News

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India Designates $1.48 Billion to Boost Domestic Palm Oil Production

India has allocated 110 billion rupees ($1.48 billion) to increase domestic palm oil production to 2.8 million tons by 2029-30 through the recently approved National Mission on Edible Oils – Oil Palm (NMEO-OP), Agriculture & Farmers Welfare Minister Narendra Modi said on August 18.

Indorama Acquires Brazilian Oxiteno for $1.3bn

Indorama, a global petrochemicals producer based in Thailand, announced on Aug. 16 it has agreed to acquire Brazil-based Oxiteno, a subsidiary of Ultrapar Participações for $1.3bn with a deferred payment of $150 million in 2024.

Malaysia End-July Palm Oil Stocks Fall by 7.3%

Malaysia’s end-July palm oil stocks fell for the first time in eight months lower by 7.3% from the previous month to 1.5 million tons, data from industry regulator Malaysian Palm Oil Board (MPOB) showed on August 11.

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Calumet Progressing on Great Falls, Montana Renewable Diesel Project

Calumet Specialty Products Partners, an independent producer of hydrocarbon products headquartered in Indiana, is seeing “excellent progress” at its hydrocracker conversion project to produce renewable diesel in Great Falls, Montana, the company said in its second-quarter earnings call.

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Paraná River Low-Water Levels Worsen

The Paraná River, one of the main commercial waterways in South America, reached -0.28 meters (11 in. below sea level) at the Port of Rosario on August 9, the lowest level recorded since 1944.

CVR Energy Delays Renewable Diesel Conversion at Oklahoma Refinery

CVR Energy, a petroleum refiner based in Sugar Land, Texas, will delay plans to complete a renewable diesel conversion project at its Wynnewood, Oklahoma, refinery amid high feedstock prices, Chief Executive, David Lamp said in a second-quarter earnings conference call on August 3.

Canadian Drought to Raise Global Oilseed Prices

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.

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Argentina’s Senate Approves New Biofuels Law

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.

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USDA Lower Soybean Export Forecast for Brazil, Argentina

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).

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