Ukraine to increase production of soybean oil at the expense of extracted oil volumes – expert




Production of soybean oil in Ukraine continues steadily growing from year to year, informed Ignatiy Sergienko, General Director of NEOFORTE Ltd., speaking at the international conference "Ukrainian soybean market - 2012", which took place in Yalta on May 17-18.

According to him, since 2009/10 MY to 2011/12 MY production of soybean oil in Ukraine increased by 44.3 thsd tonnes (up 64%). At the same time, the production of pressed oil dominates in Ukraine (according to preliminary data, in the season-2011/12 the country will produce 60.9% of pressed soybean oil and 39.1% of extracted oil).

I.Sergienko noted that mainly extracted soybean oil is exported from Ukraine. Since 2009/10 MY to 2011/12 MY exports of soybean oil increased by 25.3 thsd tonnes (up 40%).

Poland is the largest consumer of Ukrainian soybean oil. In 2011 the country imported 57% of the general export volumes of the product from Ukraine.

The expert believes that the future production of soybean oil will significantly increase at expense of the extracted oil volumes. In the short-term prospect the production capacities for processing of soybeans and soybean oil production will enhance the growth of soybean oil production in the country to 211 thsd tonnes per year.