Thailand to use blockchain to facilitate palm oil trade
Thailand’s Energy Ministry has ordered the Energy Business Department to discuss with domestic oil traders the prospect of using blockchain to facilitate palm oil trade.
Illustrative image (Photo: Internet) Bangkok (VNA) – Thailand’s Energy Ministry has ordered the Energy
Business Department to discuss with domestic oil traders the prospect of using
blockchain to facilitate palm oil trade.
A blockchain system is expected to cut out the middleman between palm planters and palm oil mills, in theory allowing planters to sell the commodity at higher prices.
Energy Minister Sontirat Sontijirawong said the ministry expects to implement a blockchain system in June as a relief measure for planters struggling with low, unstable palm prices.
"The government is trying to control domestic palm oil prices and raised the content of blended biofuel gasoline to 10 percent [B10] and 20 percent [B20] in April 2019 to absorb the surplus volume of crude palm oil [CPO] and keep the price of fresh palm nuts above three baht per kilogramme," the Bangkok Post quoted Minister Sontirat as saying.
The ministry expects the country to produce 2.2 million tonnes of CPO this year.
It plans to mandate B10 as a primary diesel, replacing B7 in 2020, while B20 is planned as an alternative diesel with subsidised prices.
Previously, the ministry ordered the Electricity Generating Authority of Thailand (EGAT) to use CPO for power generation at the Bang Pakong power plant in Chachoengsao province.
Both measures have increased the price of fresh palm nuts to 3.20 baht per kg since mid-June 2019, from 1.80 baht in April last year.
However, the COVID-19 pandemic affected consumption of palm oil for cooking and biofuel, especially B100 in April, decreasing by 400,000-500,000 litres per day from March./.
A blockchain system is expected to cut out the middleman between palm planters and palm oil mills, in theory allowing planters to sell the commodity at higher prices.
Energy Minister Sontirat Sontijirawong said the ministry expects to implement a blockchain system in June as a relief measure for planters struggling with low, unstable palm prices.
"The government is trying to control domestic palm oil prices and raised the content of blended biofuel gasoline to 10 percent [B10] and 20 percent [B20] in April 2019 to absorb the surplus volume of crude palm oil [CPO] and keep the price of fresh palm nuts above three baht per kilogramme," the Bangkok Post quoted Minister Sontirat as saying.
The ministry expects the country to produce 2.2 million tonnes of CPO this year.
It plans to mandate B10 as a primary diesel, replacing B7 in 2020, while B20 is planned as an alternative diesel with subsidised prices.
Previously, the ministry ordered the Electricity Generating Authority of Thailand (EGAT) to use CPO for power generation at the Bang Pakong power plant in Chachoengsao province.
Both measures have increased the price of fresh palm nuts to 3.20 baht per kg since mid-June 2019, from 1.80 baht in April last year.
However, the COVID-19 pandemic affected consumption of palm oil for cooking and biofuel, especially B100 in April, decreasing by 400,000-500,000 litres per day from March./.
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