InfoSAWIT, JAKARTA – Chairman of Pakistan Edible Oil Refiners Association (PEORA), Abdoel Rasheed Janmohammed said that palm oil as the food oil plays important roles to the citizens of Pakistan. Though it has lots of pressure, but as food oil, palm oil has its big potential in the country.
As the description, in every single year, Pakistan needs more than 3 million tons. He thought that the needs of Olein, RBDPO, and crude palm oil (CPO) increase every single year, namely for the oil food.
Pakistan itself could produce vegetable oil for about 500 thousand tons which consist of rapeseed, canola, cotton, and sunflower oil but the market chances to palm oil consumption, as Abdoel predicted, would keep increasing years to go. The available markets would not limit to food oil only but also to the non-food oil which might be bigger.
Palm oil in the country is used as the alternative material to the derivative vegetable oil industries, such as, specialty fats and oleo-chemicals. Palm oil is chosen because it has the same characteristic with other kinds of vegetable oil. That is why, as the alternative oil, it has the market chance.
He thought that the CPO is about RM 2300 to RM 2500 within the currency 1 RM about 0,24 US$. In 2020 it could be about US$ 553 – 600/ton.
“I predicted the markets and the selling price in the next year. But the facts in the trade would determine it,” he said in the PIPOC 2019 which Indonesian Palm Oil Association (IPOA) did. (T1)
This article once published in InfoSAWIT, December 2019