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TCB plans to import palm oil from Malaysia

UNB, Kuala Lumpur
The Trading Corporation of Bangladesh (TCB) plans to import refined palm oil from the international market to curb dependence on local refiners to keep the market stable round the year, an official said yesterday.
“We're exploring both the refined and crude palm oil market. We’ve talked to five to six Malaysian suppliers,” TCB Chairman Brig Gen Sarwar JahanTalukder said.
“We plan to float an international tender within a month,” Talukder said after a meeting with suppliers at the Seri Pacific Hotel in Kuala Lumpur.
If things go well, he said, it will take only 21 days to get the deliver as per requirement from Malaysia while it takes at least two to three months to import from other countries.
Talukder said TCB had talks on
buying pulse from Malaysia.
“We're also in talks whether the refined palm oil, if things finalised, will be bottled in Malaysia or not. We don't have our own resources for bottling,” he said.
Bangladesh's market is an open market and is mainly occupied by the local refiners. “But our initiative won’t be conflicting as we're planning to remove consumer misery at the time of artificial price hike and crisis.”
The TCB will import the essentials for the consumers and there is no reason of conflict with the local refiners who also import edible oil from Malaysia, the TCB chief said.
Talukder said the Malaysian palm oil companies do not know that they can directly take part in tender without any local agent in Bangladesh. “We've told them that it's possible
and we've given our website address, too.”
The TCB will initially import 20,000 tonnes to 30,000 tonnes palm oil a year and invite international tender for the procurement, he said.
Another commerce ministry official also present at the meeting said, “TCB is planning to import the refined palm oil and likely to import the product in 25 litre containers or more than that.”
The monthly demand for cooking oil is 1.15 lakh to 1.25 lakh tonnes, which usually goes up during the month of Ramadan.
The TCB chairman also said their preparation for the coming Ramadan has already been taken much earlier, and the essentials provided by the TCB are already in the market. “We hope the Ramadan market will remain stable.”