Iran to import 100,000 T Argentine soyoil
Hamburg, October 30, 2012
Iran is likely to import over 100,000 tonnes of soyoil from Argentina in October-December 2012 as Iran's purchasing of soybeans, soyoil and soymeal is recovering from the impact of sanctions, said a report.
"Imports of soyoil will again be very high in Oct./Dec. 2012 and may reach at least 110,000-120,000 tonnes, more than double the 41,000 tonnes a year earlier, of which 100,000-110,000 tonnes (will come) from Argentina," Hamburg-based oilseeds analysts Oil World said on Tuesday.
Food is not targeted under Western sanctions aimed at deterring Iran's controversial nuclear programme, but in recent months Iranian commodity imports have been disrupted by a freeze on financial transactions, which are part of sanctions. Iran has also been making heavy wheat purchases recently.
A sharp decline in Iranian imports of oilseeds, vegetable oils and oilmeals took place in 2011 because of sanctions and in the first half of 2012 as sanctions were tightened, Oil World said.
"But a sharp increase in Iranian imports of oilseeds and products occurred in July/September 2012," it said. "Soybean imports almost doubled to close to 140,000 tonnes in that period."
Iran imported 202,000 tonnes of soyoil in July/Sept 2012, up from 83,000 tonnes in July/Sept. 2011, Oil World said.
Argentina exported 129,000 tonnes of soyoil to Iran in July/Sept 2012, up from 67,000 tonnes in the same time in 2011. Brazil exported 58,000 tonnes in July/Sept 2012, up from only 4,000 tonnes in the same year-ago period.
Iran's July/Sept. 2012 soymeal imports also jumped to 1.03 million tonnes from 565,000 tonnes in July/Sept. 2011, Oil World said.
Argentina exported 408,000 tonnes of soymeal to Iran in July/Sept. 2012, Brazil 320,000 tonnes and India 300,000 tonnes, it said.
Soyoil is a major edible oil for a full range of uses, from household cooking to high-volume food processing. Soymeal is used in animal feed. – Reuters
More Miscellaneous Stories
- Gulf Air backs UN 'MY World' survey
- South Korean group in $1.1bn Iraq jet deal
- Northrop Grumman inks Saudi training deal
- RJ, Jordan Society sign strategic deal
- 125 exhibitors for Sharjah halal expo
- SRB to oversee UK firm’s shari’a compliance drive
- SMEs conference opens in Bahrain
- Nasa finds evidence of freshwater lake in Mars
- Diamond to launch UK café brand in UAE
- Mideast super-rich's wealth surges to $354bn