Section 1: Oils & Fats Supply, Demand and Outlook:
Indonesia's Palm Oil 2021 - Impact of Export Tax and Levy Revision
Mr. Togar Sitanggang
Mr Togar Sitanggang is the Vice Chairman of Indonesian Palm Oil Association/ GAPKI Since April 2018, Previously He served as Secretary General from April 2015 to April 2018.
Currently, Mr Sitanggang works for PT Musim Mas as General Manager base in Jakarta. He has been in palm oil industries for almost 30 years with national and multinational companies including PT SMART Tbk, Cargill, Bunge, ED & F Man, Darmex in many positions ranging from research, logistics, trading and now corporate affairs.
Mr Sitanggang is also active in palm oil related associations in Indonesia such as APROBI (Association of Biofuels Producers Indonesia), APOLIN (Association of Oleochemicals Manufacturer) and DMSI (Dewan Minyak Sawit Indonesia – Indonesia Palm Oil Board).
Mr. Togar Sitanggang, was born in North Sumatera in 1966, graduated from University of Southern California, Los Angeles, USA, in Computer Science degree and obtained his Master Degree from North Sumatra University in Medan.
We are still experiencing COVID-19 pandemic all over the world but demand for vegetable oil, especially palm oil from Indonesia is slowly returning. People are finding ways to "be friend" with the situation.
In the midst of returning demand, Indonesia palm oil industries realized that levy collected has resulted with high enough cash balance for the CPO Fund due to narrowing POGO spread during first semester this year. This situation created talks and discussions among stakeholders and finally requested Government to lower the levy tariff. The result was lowered levy which started July 2nd this year.
Since the new tariff implemented, POGO spread has slowly widened again with a strong increase of vegetable oil complex including palm oil. Depending where the crude oil price will go, the spread is possibly still widen for the rest of 2021 because vegetable oil complex is yet to see the bear.
REGISTER OR LOGIN TO VIEW FULL REPORT
REGISTER OR LOGIN TO VIEW PRESENTATION SLIDES