June 10 2009 - Brussels - The European Union (EU) is coming to the rescue of Olive Oil producers in the Mediterranean region by subsidizing the costs of local warehousing of the product, a procedure viewed as a reaction to the extended fall of the prices for the commodity in the continent.
Producers may participate in a bid to take advantage of the storage aid for a period of 180 days and a maximum quantity of 110,000 tons, said the European Commission on Tuesday. Subsidies will be destined to producers in Spain, Italy, Greece, France and Portugal. Spain has already requested this type of assistance to compensate for deterioration of prices.