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Oil seeds could help Iran save $4B per year

Business Materials 14 July 2017 08:24
Production of oil cake, cooking oil and soy could help Iran save up to $4 billion per year
Oil seeds could help Iran save $4B per year

Baku, Azerbaijan, July 12

By Khalid Kazimov – Trend:

Production of oil cake, cooking oil and soy could help Iran save up to $4 billion per year, an agricultural official said.

Alireza Mohajer, an official with the country’s agriculture ministry, has said that the country spends $4 million on importing the oil products per year and the domestic production of these would help Iran cut expenses, IRNA news agency reported.

Urging for manufacturing oil products inside the country, he added that about 90 percent of oil consumed in Iran are being imported.

According to the official, cooking oil in Iran is mostly obtained from palm and soy which are imported in various quantities from Brazil, Argentina, Malaysia and Indonesia.

He further added that the per capita consumption of oil in Iran stands at 20 kilograms per year. Iran has earlier announced plans to produce 200,000 tons of rapeseed over the current fiscal year ending March 20.

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