Russia intends to boost its vegoil export potential

13.04.2018

On March 29, Yevgeniy Akhpashev, director of the food and processing industry department and Dmitry Krasnov, director of the information policy and special projects department held a teleconference with the heads of major fat-and-oil plants and companies and the heads of the industry unions and associations, the Russian ag ministry reports.

The event took place within the framework of meetings with key players of the food and processing industries to discuss the development of export as a new driver of agricultural production.

In particular, it was said at the meeting that oilseed production increased substantially from 13.8 MMT to 16.8 MMT in 2014 - 2017, i.e. by 21.7%. In 2017, fat-and-oil exports totaled USD 2.3 Bl, i.e. 11% of total agricultural exports, reports UkrAgroConsult.

Still, the total oilseed processing capacity of Russia’s crushers equals 23.4 MMT and their utilization rate averages 60%. This suggests that production can be increased rapidly in case of sufficient supply of quality feedstock.

Russian industry experts estimate potential growth of vegoil exports from Russia at 9 MMT by 2025. This will translate into some USD 7 Bl, including by-product sales.

 

UkrAgroConsult

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