Seldik

Main Menu

  • Home
  • Indonesian Army
  • Air Force
  • Indonesian Navy
  • Indonesian Army Funding
  • Indonesia Growth Rate

Seldik

Header Banner

Seldik

  • Home
  • Indonesian Army
  • Air Force
  • Indonesian Navy
  • Indonesian Army Funding
  • Indonesia Growth Rate
Indonesian Navy
Home›Indonesian Navy›Indonesia seizes oil tanker for violating palm oil export ban

Indonesia seizes oil tanker for violating palm oil export ban

By Kimberly Carbonell
May 7, 2022
0
0

The Indonesian Navy has seized a tanker that was transporting palm oil out of the country in violation of an export ban, a spokesman said on Saturday.

Indonesia, the world’s largest producer of palm oil, banned its exports last week to curb soaring domestic prices and shortages.

For the latest headlines, follow our Google News channel online or through the app.

An Indonesian warship on Wednesday intercepted the Singapore-flagged MV Mathu Bhum on its way to Malaysia, Navy spokesman Agung Prasetiawan said in a press release.

“The vessel was carrying (…) 34 containers containing Refined, Bleached and Deodorized (RBD) Palm Olein. This is the type of material that is temporarily banned for export,” he added. .

Indonesia produces around 60% of the world’s palm oil, which is used in a range of products such as cosmetics and chocolate spreads. A third of its production is consumed on site.

According to the Food and Agriculture Organization of the United Nations, vegetable oils are among the staple foods whose prices have risen to record highs in recent weeks after Russia invaded agricultural powerhouse Russia.

Indonesian growers have recently been hesitant to sell domestically because exporting is currently more profitable due to high international prices.

But authorities in the archipelago have stepped in to try to control prices, fearing public anger as consumers in several towns were forced to queue for hours at distribution centers to buy cooking oil at subsidized rates.

Indonesia’s export ban has pushed prices of European palm, soybean, rapeseed and canola oils to historic highs.

It plans to resume exports when the local wholesale price of cooking oil drops to 14,000 rupees (97 cents), after climbing to 26,000 rupees in recent weeks.

The price had fallen to 17,200 rupees on Friday.

Read more:

Malaysia aims to regain EU palm oil market share amid global shortage

UK cuts all tariffs on Ukraine and bans more exports to Russia

Countries pledge to boost food security during war in Ukraine

Related posts:

  1. Rethinking the Philippine Submarine Program – Analysis – Eurasia Review
  2. Indonesia signs agreement for 8 Italian-made frigates – the Diplomat
  3. US calls Chinese conduct in South China Sea “illegal” – Radio Free Asia
  4. Jakarta strengthens ties with Beijing mainly for economic gains, analysts say – Radio Free Asia

Categories

  • Air Force
  • Indonesia Growth Rate
  • Indonesian Army
  • Indonesian Army Funding
  • Indonesian Navy

Recent Posts

  • DVIDS – News – History of the Air Force: more than just a heritage
  • UPDATE – Indonesian Navy deploys 400 troops to assist earthquake victims in West Java – Admiral
  • Why the KF-21 fighter jet could be a game-changer in Asia
  • ICAPP elects Mushahid Hussain as Co-Chair
  • FY24 budget to increase spending on health and education

Archives

  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021
  • Privacy Policy
  • Terms and Conditions