Finance News

Two and a quarter crore liters of soybean oil in one ship

A ship carrying oil arrived at Chittagong port during the soybean oil crisis in the market. After the ship reached the port last Thursday, the unloading is in full swing. The ship has 22 million liters of soybean oil.

According to port sources, Bashundhara Group, City Group, Bangladesh Edible Oil Limited and Sena Kalyan Edible Oil Limited imported the soybean oil in the MV Orient Challenge ship.

If you want to know Chittagong Port Secretary. Omar Farooq told Prothom Alo that the unloading of imported soybean oil on the ship was nearing completion. He is scheduled to leave the port tomorrow

After importing the oil, it is first placed at the Customs Bonded Tank Terminal in Patenga area. And after paying the duty, the companies unload the tank from the terminal and take it to the factory for refining. Due to high demand in the market, the factories are now regularly unloading the tank from the terminal and taking it to the factory for refining.

Biswajit Saha, director of Citigroup, a soybean oil importer on the ship, told Prothom Alo that it was being refined and marketed quickly after the oil was imported. Citigroup oil is being supplied to the market every day.

The country imports soybean oil in crude form. Soybean oil is obtained by threshing imported seeds. As in the last financial year, the average monthly import in crude form is 75,000 tons. As such, it is possible to meet the demand of at least 10 days with 2 crore 29 lakh liters of soybean oil.

Soybean prices in the world market began to fluctuate after the Russia-Ukraine war. Following the announcement of restrictions on exports to Argentina and the suspension of Indonesian palm oil exports, there was a new record of rising prices. The traders also reduced the import without getting the price in the country. Again, the trend of hoarding starts from the thought that prices will go up after Eid. This created a crisis of soybean oil