Mewah Group

Agriculture
Singapore
Mewah Group

"Wilmar International, the world's largest listed planter, and Mewah International, a $570 million edible oils processor - both listed in Singapore - are driving sales to Iran on long-term contracts, with Middle Eastern trading sources reporting premiums of up to $30 a tonne to the cash benchmark... Wilmar and Mewah dominate the trade with Iran where demand for high-value refined palm olein, used in cooking oil, can reach 500,000-700,000 tonnes a year. Wilmar sells to Saudi Arabian food company Savola, which buys palm oil to feed its edible oil processors in Iran, three Middle Eastern trading sources told Reuters...  Mewah last month shipped 75,310 tonnes of palm oil to Iran, its best month so far this year, shipping documents show.   'Mewah is the go-to person for Iran. It buys the palm oil from Malaysian firms and then sells it to Iran,' said a trading executive from a Malaysian plantation who deals with Mewah. 'They are established in the Iran trade and have deep pockets to withstand payment delays.'  Planters who have sent cargoes to Iran with Mewah include subsidiaries of IOI Corp, Kuala Lumpur Kepong and a Malaysian unit of Wilmar, cargo surveyor documents show. Officials at those companies declined comment... So far this year, shipping records show Mewah has exported 168,100 tonnes of palm oil from Malaysia to ports in Iran. Most cargoes are taken up by private Iranian buyers though state food procurement firm GTC is also an occasional buyer, traders said." (Reuters, "Beyond sanctions, Iran squeezed by higher edible oil costs," 4/29/2013)