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Iran's vegetable oil industry faces challenges

Business Materials 26 October 2020 10:21 (UTC +04:00)
Iran's vegetable oil industry faces challenges

TEHRAN, Iran, Oct.26

Trend:

A total of 60,000 tons of crude vegetable oil has been stored at customs, said Secretary of Iran Vegetable Oil Industry Association.

"The imported vegetable oils were held at customs for two months due to foreign currency payment issue, so importers are negotiating to solve the problem," said Amir Hoshang Biraskh, Trend reports citing Mehr News Agency.

"Due to the shortage of crude vegetable oil, Behshahr Industrial Company has closed its production for nine days since the factories required to have a certain amount of crude vegetable oil reserve to produce. The country's vegetable oil industry is facing problems and import has declined 50 percent while the assigned foreign currency by the Central Bank of Iran is not transferable," he added.

According to him, officials should make the necessary measures to solve the issue otherwise the industry would be challenged.

"The Ministry of Industry, Mine and Trade has requested from the Central Bank of Iran to assign a foreign currency to importers but the current issue is lack of transferability," he noted.

Behshahr Industrial Company halted its production due to a lack of assigned foreign currency from the Central Bank of Iran for import

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