By Zoila Palma: Belize spends more than BZ$30 million annually importing cooking oil, but the opening of the Green Valley Oil refinery in Spanish Lookout is expected to help reduce the country’s dependence on foreign supplies.
The facility, which officially opened today is designed to refine crude soybean oil produced locally into cooking oil for the domestic market.
The Ministry of Agriculture noted that Belizean households, restaurants and other food businesses consume more than six million litres of imported cooking oil each year.
Green Valley Oil has the capacity to process approximately 12,000 litres daily and is expected to meet around 60% of Belize’s cooking oil demand when operating at full capacity. The investment could help replace a portion of imported products with locally refined oil while keeping more economic activity within the country.
The Ministry noted that Belize has already made substantial progress in soybean production, with approximately 28,000 to 32,000 acres reportedly planted annually over the past five years.
However, crude soybean oil extracted during animal feed production has often been exported to regional markets at low prices.
Green Valley Oil expressed pride in being able to introduce Belize’s own vegetable cooking oil.
Senior Advisor to the Ministry of Agriculture Hugh O’Brien commended CARDI, farmers and the Spanish Lookout community for this monumental milestone. O’Brien shared history of soybean production in Belize and the contributions of successive Governments, Ministers of Agricultures and partners.
Minister of Agriculture Rodwell Ferguson noted that the new refinery is intended to add value to that oil by processing it locally, creating another opportunity to reduce imports and strengthen the national economy.
Minister Ferguson added that CARICOM countries have expressed interest in purchasing from Belize since Belize is self-sufficient in soybean production.
He said that as Green Valley Oil makes its way to shelves across Belize, the Ministry will seek for cabinet to approve an increase in tariff on imported cooking oil.
The post Green Valley Oil targets Belize’s $30 million cooking oil import bill appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Zoila Palma: Belize spends more than BZ$30 million annually importing cooking oil, but the opening of the Green Valley Oil refinery in Spanish Lookout is expected to help reduce the country’s dependence on foreign supplies. The facility, which officially opened today is designed to refine crude soybean oil produced locally into cooking oil for
The post Green Valley Oil targets Belize’s $30 million cooking oil import bill appeared first on Belize News and Opinion on www.breakingbelizenews.com.
