On-the-Ground Update

Iranian edible oil producers struggle to produce as imports are impeded by foreign currency shortaged

Refined Sunflower Oil
Iran
Innovation & Technology
Refined Soybean Oil
Regulation & Compliances
Besim Donmez
Published Oct 27, 2020
Iranian edible vegetable oil refineries are facing big challenges as the country is struggling to provide sufficient foreign currency to finance crude oil imports.
One of the main edible oil refineries of the country announced that it will halt the production for 9 days, until the end of the current week, for the lack of crude oil stocks as the Central Bank of Iran couldn't provide foreign currency needed for imports.
There are reportedly 60 KMT of crude edible oils that are held at Iranian customs waiting to be cleared. Crude edible oil imports are said to have decreased by 50% and there are shortages expected in the domestic market following the drop in production.
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