Union official: Russian oil, fat exporters need more state support

MOSCOW, Jul 11 (PRIME) -- Exporters of vegetable oil and fat products need more state support or they will face low margins, Executive Director of the Oil and Fat Union of Russia Mikhail Maltsev said on Tuesday.

"The key thing is an increase of state support of exports. But we have heard lately that this state support is to be cut with the mention of mythical margin figures of the processing companies that have never been or will be true," Maltsev said.

He added that the global sunflower oil prices halved after the 2022 spring historical peaks of over U.S. $2,000 meaning that although the producers can raise exports by 70%, they will only do so by 30% in 2023.

End