MOSCOW: Malaysia aims to increase its palm oil import market share in Russia from the current 14 per cent to 25 per cent in the near term as the country has been identified as a major consumer of oils and fats.
Plantation Industries and Commodities Minister Datuk Seri Douglas Uggah Embas said focus will be given on the food industry, oleochemicals and biodiesel as well as on increasing Malaysia’s participation in the blended oil market segment in Russia.
“This includes promotion of Novelin (a blended cooking oil for the Russian market). Similarly, the potential of palm oil in oleochemicals for application in household and toiletry products as well as the prospects of palm kernel cake application in animal feed in Russia would also be highlighted,” he said after launching the Palm Oil Trade Fair and Seminar (POTS) organised by the Malaysian Palm Oil Council (MPOC) here.
He said Malaysia can expect Russia to import more palm oil with demand for oils and fats set to increase. Russia’s domestic production of oils and fats is insufficient to meet the demand from its 143 million people.
Palm oil imports by Russia have increased from an average of 150,000 tonnes annually to 626,000 tonnes last year with Malaysia supplying 14 per cent. Palm oil currently accounts for 69 per cent of the total oils and fats imported by Russia, and is the second most popular vegetable oil consumed in the country after sunflower oil.
In order to increase its market share, Uggah explained, Malaysia has come up with plans to renew and broaden contacts as well as foster better understanding with buyers, manufacturers and end-users related to oils and fats in Russia. Bernama
Source : Business Times