Business news from Ukraine

Ukraine has set record for rapeseed oil exports

In the first half of 2023-2024 marketing year (MY, July-December), Ukraine set the record for rapeseed oil exports – 356 thsd tonnes, up six times compared to the same period last year, APK-Inform news agency reported.

“The significant increase in the rate and volume of exports of this product in the current season was primarily due to the high demand for rapeseed oil on the world market amid attractive prices. Difficulties with sunflower procurement during the off-season also encouraged Ukrainian mills to increase rapeseed processing,” the analysts explained.

According to their information, the main volumes of Ukrainian rapeseed oil shipments during six months of 2023-2024 MY were to the EU countries, where 54% of Ukrainian rapeseed oil was supplied, and China – 31%.

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“TAS Agro” starts producing rapeseed oil and exports it to China

TAS Agro Group has made the first shipment of 1,500 tons of rapeseed oil to consumers in China, the agricultural holding’s press service reported on Facebook.

It is specified that TAS Agro has been processing rapeseed, sunflower and soybeans on a tolling basis at its partners’ plants for the second year in a row. As explained in the agricultural holding, in conditions of low profitability, increasing the added value of products through the development of processing is perhaps the only way to achieve a positive result.

“The realities of wartime force farmers to change, be flexible, and look for new strategic solutions. TAS Agro made the right decision to start processing rapeseed, as it is more profitable to sell oil than raw materials. Last season was the first experience of processing for our agricultural holding, and the financial results are positive,” said Anton Zhemerdeev, Deputy CEO for Commercial Affairs.

According to him, the agroholding has added new specialists to its team and is now focused on extending logistics to end consumers and opening new markets to generate additional margins.

TAS Group was founded in 1998. Its business interests include the financial sector (banking and insurance segments) and pharmacy, as well as industry, real estate, and venture capital projects.

Before the war, the TAS Agro group of companies cultivated 83 thousand hectares in Vinnytsia, Kyiv, Kirovohrad, Chernihiv, Mykolaiv, Sumy, Kherson, and Dnipro regions, was engaged in dairy farming (up to 5.5 thousand cattle), and owned six elevators with a one-time storage capacity of 250 thousand tons.

The founder of TAS is Sergey Tigipko.

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