Oil and fat companies to bolster the exports up to $ 6.9 bln per year

Russian Federation Ministry of Agriculture’s DM Oksana Luth held a meeting with the oil and fat majors on accomplishing the goals of the “Export of agricultural products” project, Ministry of Agriculture’s press service reports. 

By 2024, the annual overall exports of Russian oil and fat products should boom by more than 1.7 times compared to 2017, up to $ 8.6 bln.

“The oil and fat industry has the greatest potential for export growth and it is one of the drivers of the entire program. Over the next 6 years, annual deliveries should increase by $ 5.5 bln, which would make up about one fifth of the total planned export growth. Basing on the proposals of market operators, the Ministry of Agriculture is about to develop the optimal state support tools applicable for achieving these goals,” informed Oksana Luth.

She believes, that perceiving the importance of achieving the planned target, the Ministry of Agriculture of Russia considers it urgent to distribute the matter not just over sub-federal entities, but also to involve the key industry players. In turn, the business officers declared their eagerness to win the $ 6.9 bln export total by 2024, or about 80% of the target volume for the oil and fat industry.

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