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EU to lift duties on sunflower oil imports from Ukraine - Kernel to benefit

TAG'S: KERNEL, Food and Drinks Industries

The EU will lift duties on unrefined and refined sunflower oil imported from Ukraine as well as establish new zero-duty import quotas for grain originating from Ukraine as of April 23, WSE-listed Ukrainian edible oils producer Kernel Holding said in a market filing of a European Council proposal approved on Monday.


EU import duties on unrefined sunflower oil will be cut from 2.9% to 0%, and on refined sunflower oil - from 6.1% to 0%, Kernel said of the passed proposal.

New zero-duty import quotas for grain specifically from Ukraine will come on top of 2.7 mln ton reduced-duty quota irrespective of the country of origin, Kernel said.

"Specifically, in addition to the existing reduced-duty import quotas for wheat and barley originating from any country in the total annual amount of 2.7 million tons, a specific zero-duty quota for wheat and barley originating from Ukraine would be set in the amount of total 1.2 million tons (with a non-quota import duty of EUR 93-95/t)," the statement reads.

The regulation is expected to take effect on April 23 and to remain in effect "until a Deep and Comprehensive Free Trade Agreement between Ukraine and EU becomes effective on or before November 1, 2014," the filing reads.


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