PALMOILMAGAZINE, BULAGRIA – Iwan Bogananta, the Indonesian Ambassador to Bulgaria, Albania, and North Macedonia, has played a key role in facilitating the trade of palm oil downstream products from Indonesia to Bulgaria, amounting to approximately US$ 10 million. This development was announced in a press release from the Indonesian Embassy in Sofia on Friday, 19 July 2024.
Ambassador Iwan highlighted the significant demand for palm oil products, particularly vegetable fat (shortening), in the Balkans. “We have identified substantial interest from numerous companies in palm oil downstream products. Looking ahead, I encourage these companies to explore joint ventures to develop new branded products in Bulgaria,” he stated, as reported by beige-heron-208544.hostingersite.com from Antara on Saturday, 20 July 2024.
The cooperation would be the follow up from plam oil product development between PT Wahana Citra Nabati Indonesia and PICCO of Bulgaria. In the first phase, PT Wahana Citra Nabati would deliver one container that would be full of palm oil downstream products to be tested in Bulgaria.
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Director of PT Wahana Citra Nabati Indonesia, Evann Tjokrosetio said that the first communication and track have been through the Ambassador Iwan. “We directly were introduced to CEO PICCO by the Ambassador Iwan through online. As the follow up, I did visit to Bulgaria to directly see their factory and also discussed about what they would need of,” Evann said.
He continued PICCO has widely networking, storage facilities, and sophisticated technology. The products would cover palm oil, shortening, refined coconut oil, hydrogenated coconut oil, inter-esterified products, palm kernel oil, and hydrogenated palm kernel oil.
Director of Commerce, PICCO Bulgaria, Kiril Ivanov said that vegetable fat needs and the derivative products would be massive in the country. “The transaction in our company could be reaching 30 million US dollar. I do hope PICCO would get long term – cooperation with Indonesia,” Kiril said.
The cooperation is hoped to escalate palm oil downstream exports from Indonesia and would open the chances to new investment in Bulgaria. (P2)
