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 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.
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 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.
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.