BAKU, Azerbaijan, July 11. More than 101,000 tons of rapeseed worth approximately 20.4 trillion rials (about $485 million) have been purchased from local farmers under a guarantee in Iran since the beginning of the current harvesting season (started March 28, 2023), Executive Director of Iranian Government Trading Corporation (GTC), Saeed Rad said, Trend reports.
According to Rad, so far, approximately 16.9 trillion rials (about $402 million) has been paid to farmers for purchased rapeseed, which is 82 percent of the total value.
The director also added that the most rapeseed was purchased respectively, in Iran’s Khuzestan Province - 31,000 tons, Golestan Province - 20,000 tons, and Mazandaran Province - 9,000 tons.
Reportedly, rapeseed has been planted on 100,000 hectares of land in Iran for the current season. In Iran, 1 kg of rapeseed is bought for 220,000 rials (about $5.23) under a guarantee this season. In total, 180,000 tons of rapeseed are expected to be harvested in Iran this year.
On average, about 1 million tons of vegetable oils were consumed in Iran per year. Of that, 10 percent is met by domestic production, while 90 percent by imports.
Iran plans to meet 70 percent of vegetable oil consumption through domestic production until 2025.
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