By Zoila Palma: Belize could reduce its reliance on imported cooking oil following the opening of the Green Valley Oil refinery in Spanish Lookout, a development aimed at expanding local processing and keeping more economic value within the country.
Belizean households and restaurants consume more than six million litres of imported cooking oil annually, valued at over BZ$30 million. The new refinery has the capacity to process 12,000 litres of oil per day and is expected to supply up to 60% of national demand once it reaches full capacity.
Minister of Agriculture Rodwell Ferguson said the Ministry would seek Cabinet approval for an increase in tariffs on imported cooking oil as Green Valley Oil becomes more widely available on local shelves.
The proposed measure is intended to support the local industry and improve the competitiveness of domestically produced cooking oil. Any tariff increase would depend on Cabinet approval.
Green Valley Oil’s management also indicated that potential buyers in Guatemala and CARICOM countries have expressed interest in purchasing the product.
Ferguson said regional demand could create additional opportunities for Belize, which has achieved self-sufficiency in soybean production.
The post Belize seeks reduced cooking oil imports as Green Valley Oil begins operations appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Belize could reduce its reliance on imported cooking oil following the opening of the Green Valley Oil refinery in Spanish Lookout, a development aimed at expanding local processing and keeping more economic value within the country. Belizean households and restaurants consume more than six million litres of imported cooking oil annually, valued
The post Belize seeks reduced cooking oil imports as Green Valley Oil begins operations appeared first on Belize News and Opinion on www.breakingbelizenews.com.
