Argus sunflower oil producer delivers output to domestic market

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The production of edible refined oil made by Argus company based in Constanta (south eastern Romania) is fully delivered to the domestic market, with sales doing well this time of the year, even though they are not as spectacular as they were in the first half-year.
 
“It is a good market. The exports are rare, we do not export large quantities”, Argus president Vasile Leu told the Business Standard daily, adding his company had several clients in Bulgaria.
Leu stressed Argus cut the sunflower oil prices as early as in August by some 10% amid a very good sunflower crop this year at home but also due to the lower raw material prices in the global market.
 
The prices for vegetable oil are expected to keep on getting lower in the period ahead, in the entire market, Leu said. Argus takes its raw material from domestic producers only.
The Constanta-based company posted 101.92 million lei (some 28 million euros) in H1 turnover, which is 2 times higher on the same period a year ago.
 
Its H1 profit went up to 23.44 million lei (about 6.5 million euros) in the first half-year, from nearly 11,000 lei.
Argus executives have not abandoned the plans of investing in bio-diesel production, but the project will be implemented in a few years, most likely, Leu said. The company, for the moment, supplies oil to the bio-diesel producers, he added.
 
The main Argus brands are Argus, Tomis and Sora Soarelui.
The company’s main shareholders are Financial Investment Company (SIF) Oltenia with 18.97% stake and Vasile Leu with 11.32%, the most recent reports show. The company owns a sunflower oil factory in Constanta and several grain storage facilities in the southeastern counties of Constanta, Calarasi and Tulcea.
 
A litre of sunflower oil in Romania costs between two and three euros, with the Romanian edible oil being one of the most expensive in Europe, according to market figures.
The producers operating in the local market announced they would cut down the price of  unflower oil by up to 25% in this autumn.
The Romanian sunflower oil market is put at roughly 250,000 tonnes of oil a year, totalling 200 million euros.
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