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Ukraine sunflower oil co stops operations; hike in price likely
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Friday, 31 January, 2025, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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Kernel, a major sunflower oil producer in Ukraine, has suspended operations of one of its plants in January 2025 due to shortage of raw materials. The company gave this information in its second quarter financial report.
“Due to limited supply of sunflower seed in the market, three of its plants processed alternative oilseeds, including 93,000 tonnes of soybean and 14,000 tonnes of rapeseed. However, in January 2025, one plant had to shut down its operations due to a shortage of raw materials,” the company statement said.
According to Shankar Thakkar, president, All India Edible Oil Traders Federation, Ukraine is experiencing a decline in sunflower seed production, which is crucial for oil production. This is due to the ongoing military conflict which is disrupting agricultural activities and logistics, leading to losses of cultivated land and production capacity.
Despite these difficulties, the company processed 973,000 tonnes of oilseeds in this quarter of fiscal year 2025, 20% more than in the same period last year.
Oil exports reached 408,000 tonnes, representing a growth of 52% quarter-on-quarter and 11% year-on-year. This volume included 26,000 tonnes of bottled oil.
Meanwhile, Russia has increased the export tax on sunflower oil for the month of February to 17,786 rubles/ton.
Thakkar further said that due to the military conflict, sunflower seed production has decreased. And, Russia has increased the export duty twice in last few months. In view of this, the prices of sunflower oil may increase in the coming days.
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