Sinopia News Top

Hyatt Palm Oil Returns to Ethiopian Market

Hyatt Palm Oil returned to the Ethiopian market this month after the government added the manufacturer FELDA iFFCO to the list of authorized oil suppliers to Ethiopia.

Hayatt had been out of the Ethiopian market for almost a year said Yeshi Kernessa, Manager of the Ethiopian Market from the manufacturers’ East Africa Regional Commercial Representative Office. Hayatt had discontinued supplying the oil after a disagreement on pricing following the Ethiopian government’s takeover as the sole supplier of Palm oil nationally.

Ethiopia is a large market and the company is happy to supply its product here according to Yeshi.

The first batch of 5, 10, 20 and 25 liter containers of Hayatt Palm oil are already at Port Djibouti according to sources.   

FELDA iFFCO is a joint venture between the largest agriculture based company in Malaysia, FELDA Global and iFFCO an Emirati manufacturing and marketing group. The company has won recognition for its palm oil products since it was incorporated in 2006 with a capital investment of 11.4 million US dollars.

It is to be remembered that the Ethiopian government announced plans to continue supplying and distributing palm oil as part of its bid to control inflation rates last March. The government intends to increase the supply of oil to 25,000 tons from 16,000 tons for the next year.

Ethiopia renewed contract with three previous suppliers, MOI International and Pacific Interlink for Malaysia and Wilmer Trading from Singapore.

The four companies will supply Palm oil until May 2013 on the basis of the average monthly palm oil prices indexed by Reuters.

Source: Addis Fortune