Turkey, MENA set to import more palm oil


Veysel Kaya, a representative of Ankara, Turkey-based consultancy and brokerage of oilseeds Sunseedman, said this normalisation signaled a recovery in economies and incomes, as well as stronger petrol prices that would lead to more biodiesel demand and hence improvement in imports of palm oil

KUALA LUMPUR: Turkey and the Middle East and North Africa (MENA) region are poised to see more biodiesel demand and therefore higher imports of palm oil, having recently initiated a normalisation process following decreasing Covid-19 cases and deaths there.

Veysel Kaya, a representative of Ankara, Turkey-based consultancy and brokerage of oilseeds Sunseedman, said this normalisation signaled a recovery in economies and incomes, as well as stronger petrol prices that would lead to more biodiesel demand and hence improvement in imports of palm oil.

“If the normalisation process is done properly, soon petrol prices may jump to over US$45 per barrel and even the psychological and critical level of US$50 per barrel from the current US$41.02 per barrel.

“Then, with better palm oil demand for biodiesel and HoReCa (hotel, restaurant and café) sectors, Bursa Malaysia palm oil prices may hike to RM2,400 to RM2,500 per tonne and refined palm olein may settle at US$600 per tonne or even US$625-US$650 per tonne, ” he said in a slide presentation titled “Turkey & MENA - Next Growth Frontiers for Palm Oil.”

The presentation was released during a seven-day web-based Palm Oil Internet Seminar (Pointers) that ended yesterday.

The webinar was organised by the Malaysian Palm Oil Council (MPOC) and Bursa Malaysia. — Bernama

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