BANGKOK, Nov 7 (TNA) – The Commerce Ministry tries to promote the export of palm oil to reduce local stocks. A large-scaled biodiesel producer in Spain is ordering 100,000 metric tons of it.
Wichai Pochanakit, director-general of the ministry’s Internal Trade Department, said efforts to quickly export raw palm oil would stabilize the prices of oil palm nuts and palm oil in the country.
His department is working with Thai commerce offices in other countries to find markets for palm oil. In the latest development, Repsol, a large biodiesel producer in Spain, contacted the Thai commerce office in Madrid and expressed intention to order about 100,000 metric tons of Thai palm oil a year in 2019 and 2020, Mr Wichai said.
Repsol inquired about potential Thai exporters that obtained sustainability-related certificates such as a certificate from the International Sustainability and Carbon Certification system. The company wanted a list of potential exporters within November, Mr Wichai said.
He added that the buyer’s interest was an opportunity for palm oil exporters to reduce their stocks and the local palm oil price could rise. He invited potential exporters to contact his department so that it could arrange for export deals. (TNA)
