14 oil traders willing to help palm oil growers

BANGKOK, Oct 24 (TNA) -- In an attempt to assist palm oil growers and to help solve palm oil oversupply in Thailand, 14 private oil traders are willing to buy more palm oil to increase biodiesel reserve in the country, said Witoon Kulcharoenwirat, director-general of Energy Ministry’s Energy Business Department. Mr Witoon said the help came after his department had talked with those private oil traders to buy palm oil for use as more reserve for biodiesel (B100), starting from November 1. Previously, the type of oil for reserve was not fixed and only one per cent of reserve was required, said Mr Witoon. The 14 private oil traders would increase the biodiesel reserve by 59.028 million litres from the current reserve of only 11.779 million litres, making the fresh total reserve to increase to 70.807 million litres. Mr Witoon said the increase would not pose any impact on retail biodiesel prices in the country. (TNA)