Russia moving from words to actions in the fat-and-oil industry development 5 November, 2018 at 15:11

By 2024, Russia’s fat-and-oil industry may boost product exports by USD 5.5 Bl against 2017, to USD 8.6 Bl, said the Ag Ministry in follow-up to a meeting with industry representatives.

The meeting was attended by representatives of the companies Sodruzhestvo, Yug Rusi, Blago, Rusagro, Aston, Cargill, Efko, Bunge, Oryolmaslo, as well as the Nizhny Novgorod fat-and-oil plant and Kazan oil extraction plant. They confirmed the commitment to increase their share in the industry’s exports to some 80% by 2024, or to USD 6.9 Bl out of USD 8.6 Bl., reports UkrAgroConsult.

According to information presented at the meeting, the industry needs RUB 365 Bl of investment for implementing the shaped plans. Fat-and-oil exports will rise to USD 3.6 Bl in 2018 and to USD 3.9 Bl in 2019. Remarkably, this concerns finished products, while raw material exports will fall. In particular, 2018 oilseed exports will total 1.2 MMT, just 726 KMT will be shipped abroad in 2019, and 2024 exports are projected at just 447 KMT.

Supposedly, oilseed-crushing capacities will reach 33 MMT in 2024 versus 23.5 MMT in 2018.