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Sunflower oil prices to burn a hole if Russia-Ukraine crisis blows up

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Indian sunflower oil makers are hoping that the war-like situation between Russia and Ukraine resolves smoothly soon so that the edible oil shipments resume soon from the latter, said senior industry officials.

They also said if the shipments do not come from Ukraine, then Russia and Argentina are there as alternate sources and there may not be any major impact on the retail prices of sunflower oil.

But if there is a war between Russia and Ukraine, then the former may block the latter’s shipments. And if there are sanctions against Russia, then it will be a double whammy for India, the industry officials said, expressing hope that the situation doesn’t develop so.

“India imports about two lakh ton per month of sunflower seed oil and at times it goes up to three lakh tons per month. India is dependent on edible oil imports to the tune of about 60 per cent. Any global development will have an impact,” Sudhakar Desai, President, Indian Vegetable Oil Producers’ Association (IVPA), told IANS.

According to Desai, Indian importers can look at alternate sources like Russia and Argentina.

Like Ukraine, Russia is also a major grower of sun flower and producer of sun seed oil.

“Seventy per cent of India’s sunflower oil imports is from Ukraine, 20 per cent from Russia and 10 per cent from Argentina,” Sandeep Bajoria, CEO, Sunvin Group, a research consultancy in vegetable oils, oilseeds trade and industry, told IANS.

He said Ukraine produces about 170 lakh tons of sunflower seeds, Russia about 155 lakh tons and Argentina about 35 lakh tons.

The oil yield will be about 42 per cent when crushed, Bajoria added.

“The price of oil sold by these two countries – Ukraine and Russia – is almost the same. The global price ranges about $1,500-$1,525 per ton,” Desai, also the CEO of Emami Agrotech Ltd, said.

Noting that there is sufficient stock of sunflower oil in India for the next two months, he said that for the past 20 days shipments from Ukraine were getting delayed and the vessels were getting bunched up.

“If the Russia-Ukraine trouble continues for two/three more weeks, then there will be pressure on the Indian market as the oil stock will not get replenished. We expect 1.5 lakh-2 lakh ton of sunflower seed oil imports between February-March from Ukraine,” Desai said.

According to Bajoria, not a single shipment of sunflower oil has left Ukraine in February.

South India is the major market for sunflower oil.

According to the Indian Embassy in Ukraine, India’s bilateral trade turnover was $2.52 billion in 2019-20 (exports were $463.81 million and imports were $2,060.79 million).

Major exports from India are pharmaceutical products, reactors/boiler machinery, mechanical appliances, oil seeds, fruits, coffee, tea, spices, iron, steel and others.

From Ukraine, the major export to India is sunflower oil, followed by inorganic chemicals, iron and steel, plastics, chemicals, and others.

India is Ukraine’s largest export destination in the Asia-Pacific and the fifth largest overall export destination, the Indian Embassy said.

International

Greek court finds 10 guilty over deadliest wildfire

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Athens, June 5: A Greek appeals court has handed down prison sentences to ten individuals for their roles in the 2018 Mati wildfire, the deadliest in modern Greek history.

The devastating blaze tore through the coastal resort town of Mati near Athens, claiming 104 lives and injuring more than 140 others. The tragedy shocked the nation and drew widespread criticism over the failures in emergency response.

Among those convicted were senior officials from the Fire Brigade, as well as regional and municipal authorities. An elderly resident was also found guilty of unintentionally igniting the fire by burning dry vegetation in his yard.

The court ruled on Wednesday that the actions and omissions of those convicted significantly contributed to the magnitude of the disaster, media reported, citing state-run Athens-Macedonian media reports.

The court issued cumulative prison terms ranging from 238 to 340 years. However, under Greek law, the actual time to be served will be substantially reduced. Four individuals are expected to serve up to five years in prison, while others may see their sentences converted to financial penalties.

Emotional scenes unfolded in the courtroom as families of the victims expressed both grief and outrage. Greek public broadcaster ERT reported that some relatives wept openly and confronted the defendants, demanding apologies.

On the evening of July 23, 2018, strong winds rapidly drove flames through the seaside town, turning the popular holiday destination into a deadly inferno within hours. The fire engulfed two coastal communities, scorched more than 14 square kilometres of land, and destroyed or damaged over 3,000 homes.

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International

US military announces detention of ISIS leader during operation in Iraq, Syria

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Washington, June 5: The US military announced the detention of an ISIS leader and the death of two operatives of the terror group during Defeat ISIS (D-ISIS) operations in Iraq and Syria.

“US Central Command (CENTCOM) forces supported six D-ISIS operations, five in Iraq and one in Syria, resulting in the two ISIS operatives killed, two detained, including an ISIS leader, and the recovery of multiple weapons. The operations served to disrupt and degrade ISIS’ ability to reconstitute, plan, organise, and conduct attacks against civilians and US and partner forces in the region,” said US CENTCOM in a statement on X on Thursday.

According to the statement, the US CENTCOM forces supported partner forces in operations in Iraq and Syria from May 21-27 in support of the ongoing D-ISIS campaign.

The Syrian Democratic Forces, enabled by US CENTCOM, conducted a D-ISIS operation near Deir ez-Zur from May 21-22, resulting in the capture of an ISIS operative.

Additionally, the Iraqi forces, enabled by USCENTCOM, conducted D-ISIS operations in northern Iraq, within the Salah al-Din Governorate, Kirkuk Governorate, and Al-Fallujah, from May 21-27, resulting in the clearance and destruction of multiple locations.

The operation led to the confiscation of small arms weapons and munitions, and the recovery of material for further exploitation, while two ISIS operatives were killed in action, and an ISIS leader was captured

“The US and members of the multinational Combined Joint Task Force – Operation Inherent Resolve (CJTF-OIR) maintain our ongoing commitment to the fight against ISIS,” stated US CENTCOM.

“Operations like these underscore the commitment of USCENTCOM, along with our allies and partners, to the enduring defeat of ISIS in the region,” said Gen. Michael Erik Kurilla, US CENTCOM Commander.

In 2014, ISIS declared a “caliphate” after it captured several parts of Iraq and Syria.

Later in late 2017, the Iraqi forces, with the support of international partners, defeated ISIS, which then lost its last territory in Syria two years later.

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International

Delegation meets EU representatives in Belgium, conveys India’s firm resolve against terrorism

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Brussels, June 5: The All-Party Parliamentary Delegation from India, led by senior BJP MP Ravi Shankar Prasad, held a series of high-level engagements in Belgium with Members of the European Parliament (MEPs), emphasising India’s resolute stance against cross-border terrorism.

The delegation visited the European Parliament and met with MEPs from the Delegation for Relations with India, the Committee on Foreign Affairs (AFET), and the Committee on Security and Defence (SEDE).

During the meetings, the Indian team provided a detailed briefing on the persistent issue of cross-border terrorism targeting India, particularly highlighting the April 22 terror attack in Pahalgam and India’s measured and strategic response through Operation Sindoor.

The discussions at the Parliament also revolved around strengthening India-EU strategic cooperation in counter-terrorism efforts, while broader themes such as high-level diplomatic engagements and deeper parliamentary exchanges were also addressed.

According to the Indian Embassy, “Taking India’s strong message against terrorism to the world, members of All-Party Delegation met with Members of European Parliament (MEPs) and discussed combating terrorism, including cross-border terrorism, global peace, and deepening of India-EU ties.”

The European Union unequivocally condemned the brutal attack in Pahalgam and expressed solidarity with India.

“The EU side was briefed about the heinous Pahalgam terrorist attack and the calibrated and targeted response of India through Operation Sindoor, giving the message of zero tolerance to terrorism. MEPs expressed their solidarity with victims of the Pahalgam terrorist attack,” the embassy added.

The Indian delegation also engaged with some of Brussels’ prominent think tanks and strategic experts, exchanging views on the global terror landscape and New Delhi’s expectations from the EU in tackling such threats.

These discussions further reinforced shared views on the necessity of a coordinated global response to terrorism.

“During our visit to Brussels, my colleagues from the all-party delegation and I engaged in a comprehensive discussion on the scourge of terrorism, particularly cross-border terrorism targeting India. We deliberated on India’s counter-terrorism initiatives, notably including Operation Sindoor, with prominent think tanks in the region. Our interaction underscored a unified and unambiguous stance of zero tolerance towards terrorism,” Ravi Shankar Prasad said in a post on X.

The nine-member delegation includes a diverse political representation: Ravi Shankar Prasad (BJP), Daggubati Purandeswari (BJP), Priyanka Chaturvedi (Shiv Sena-UBT), Gulam Ali Khatana (BJP), Amar Singh (Congress), Samik Bhattacharya (BJP), M. Thambidurai (AIADMK), former Union Minister M.J. Akbar, and former Ambassador Pankaj Saran.

Furthermore, the delegates interacted with members of the Indian diaspora who expressed their deep solidarity with the victims of recent terrorist attacks and backed India’s strong and principled stance against terrorism and its zero-tolerance policy.

The Indian parliamentarians underscored the vital role of the diaspora in amplifying India’s voice on the global stage.

On Wednesday, the delegation commenced its programme by paying floral tribute at the statue of Mahatma Gandhi at the Embassy — a solemn reaffirmation of India’s enduring commitment to the principles of peace, non-violence, and universal brotherhood.

After concluding visits to France, Italy, Denmark, and the UK, the Indian delegation is in Belgium as a part of India’s global diplomatic outreach campaign to highlight the significance of Operation Sindoor and the continued fight against Pakistan-sponsored cross-border terrorism.

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