Cabinet nods to compensation for palm oil imports


BANGKOK, 30 July 2012  – The Cabinet has agreed to spend 24 million-baht emergency budget to import 10,000 tons of palm oil and compensate the Public Warehouse Organization for its expected profit loss caused by the import of another 20,000 tonnes of palm oil in the near future. 

Deputy Government Spokesman Phakdiharn Himathongkham said on Monday that the Cabinet approved the Commerce Ministry’s proposal to cover the expected loss of profit of the Public Warehouse Organization, which will import 10,000 tons of palm oil late this month or early August 2012 to prevent shortage. The total import is valued at eight million baht.

Another 20,000 tons of palm oil, worth 16 million baht, will be imported later by the organization.