Brussels, 09/06/2009 (Agence Europe) - On Tuesday 9 June, the Management Committee, made up of representatives of the EU member states, gave its backing to the regulation that will allow olive oil producers to tender for aid for the private storage of extra virgin and virgin olive oil during 180 days and for up to a maximum of 110,000 tonnes. The significant fall in olive oil prices and the effects of the crisis have had brought severe disruption to the EU olive oil market.
The text provides for two periods of subsidised olive oil storage: for the first, tenders must be submitted between 1 and 6 July (tenders will be presented to the Management Committee on 9 July) and, for the second, they have to be submitted between 7 and 16 July (decisions at Management Committee on 23 July). Tenders must be for at least 50 tonnes. The countries taking part in the private storage scheme are Italy, Spain, France, Portugal and Greece.
Producers will submit tenders for storing quantities of extra virgin and virgin olive oil for 180 days and will seek compensation of an amount per tonne per day. The best offers will be accepted and payment made at the end of the storage period. (L.C./transl.rt)