POPEYE AND ISRAELI OLIVE OIL

Olive oil production to triple in 2004

The Olive Board of Israel forecasts 8,000 tons of olive oil will be produced in 2004.

Globes correspondent 8 Sep 04 11:04

Israel’s olive oil crop for 2004 is expected to be three times as large as that of 2003. According to Olive Board of Israel director Gadi Horowitz, last year Israel produced 2,500 tons of olive oil, whereas this year production is expected to reach 8,000 tons.

This means, he said, that Israeli olive oil manufacturers will be able to offer a wide range of olive oils, and take market share away from imported brands. Horowitz said that in many cases, the imports did not meet Israeli quality standards.

Horowitz further said he hoped that in light of the significant growth in olive oil production, other manufacturers would join the 105 members of his organization, which distributes a seal of quality. He noted that out of 50,000 acres of planted olive groves in Israel, 90% were used in the production of olive oil.

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Finally, good economic news out of Israel. Ken Yirbu!!

(RJR)