Indonesian palm oil export ban update

RNS Number : 7777J

M. P. Evans Group PLC

29 April 2022

 

M.P. EVANS GROUP PLC

("the Group" or "M.P.Evans")

INDONESIAN GOVERNMENT ANNOUNCES RESTRICTIONS TO PALM OIL EXPORTS

M.P.Evans Group PLC, a producer of sustainable Indonesian palm oil, notes the updated announcement made on 27 April by the Indonesian government of plans temporarily to ban exports of palm oil, including both crude palm oil and refined products, effective from 28 April, to protect domestic supply. Local demand for palm oil is expected to increase significantly for a short time over the Lebaran festival period, celebrated over the next seven to ten days.

The Indonesian government last month introduced a revised export levy to subsidise local supplies as global supplies of vegetable oil have been limited. Indonesia is the world's largest producer of palm oil and a significant consumer, accounting for 59% of global supply and 22% of global consumption in 2021.

Management continues to monitor the situation closely and awaits clarity from the Indonesian government regarding the length of the export ban and extent of its impact on the domestic market. The Company will provide further updates as appropriate.

29 April 2022

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
Peter Hadsley-Chaplin - chairman
Matthew Coulson - chief executive
Peel Hunt LLP (Nomad and joint broker)	Telephone: [phone]
Dan Webster
Andrew Clark
Lalit Bose
finnCap (Joint broker)	Telephone: [phone]
Tim Redfern
Harriet Ward
Hudson Sandler (Financial PR)	Telephone:  [phone]
Charlie Jack
Elfie Kent

 

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