An expansion in the edible oil processing industry in top palm oil producer Indonesia is expected to boost its consumption to about 7.5 million tonnes next year, which may reduce the amount available for export, industry officials said on Thursday.
After years of increasing the acreage devoted to palm oil, Indonesia is now rapidly expanding its downstream and processing industries. Last year, it slashed export duties for refined oil in a bid to boost investment in the sector.
Palm oil consumption this year is expected to rise to 7 million tonnes from the 5 million-6 million tonnes used up in 2011, and is set to increase further in 2013, delegates at the 8th Annual Indonesian Palm Oil Conference told Reuters.
uk.reuters.com»
After years of increasing the acreage devoted to palm oil, Indonesia is now rapidly expanding its downstream and processing industries. Last year, it slashed export duties for refined oil in a bid to boost investment in the sector.
Palm oil consumption this year is expected to rise to 7 million tonnes from the 5 million-6 million tonnes used up in 2011, and is set to increase further in 2013, delegates at the 8th Annual Indonesian Palm Oil Conference told Reuters.
uk.reuters.com»