Economy, Domestic Economy
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Gov’t Buys 80% More Colza From Farmers

Gov’t Buys 80% More Colza From Farmers Gov’t Buys 80% More Colza From Farmers

More than 225,000 tons of colza worth around 7.5 trillion rials (close to $178.6 million) have been purchased by the government from farmers across the country so far this year, registering an 80% surge compared with the corresponding period of last year, the director of “National Oilseed Project” carried out by Agriculture Ministry said.

“It is estimated that purchases will reach 300,000 tons by the end of the [fiscal] year [March 2019]. Oil extracted from this amount will meet about 9% of our domestic demand. Other oilseeds will meet an additional 7% of the demand for vegetable oils,” Alireza Mohajer was also quoted as saying by Young Journalists Club on Monday.

Of all the vegetable oils consumed in Iran, 95% are extracted from soybean, sunflowers and palm. The Agriculture Ministry plans to achieve 70% self-sufficiency in oilseed production within the next 10 years to curb the import of oilseeds and vegetable oil.

Per capita vegetable oil consumption in Iran is about 18-19 kilograms a year while the global average is 12 kilograms.

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Financialtribune.com