Shijing, the Book of Odes, contains several poems mentioning soybeans. To produce soybean oil, the soybeans are cracked, adjusted for moisture content, heated to between 60 and 88 °C (140 and 190 °F), rolled into flakes, and solvent-extracted with hexanes. The oil is then refined, blended for different applications, and sometimes hydrogenated.
Which country produces the most oil in Africa?
Nigeria is one of Africa¡¯s main oil producers. With 15 operating pipelines and an average daily production of some 1.5 million barrels in 2023, Nigeria is the fifteenth largest oil producer worldwide. Moreover, the petroleum industry accounts for about 5.5 percent of Nigeria¡¯s GDP and for around 92 percent of the value of all exports.
When was oil discovered in Nigeria?
Oil was discovered in Nigeria in 1956, with production starting in the late 1950s. In the following decade, oil exploration would open to foreign companies, and with some exceptions due to economic circumstances, the oil industry would grow constantly to become a global giant. In 1977, the Nigerian National Petroleum Company (NNPC) was founded.
Where is soybean oil traded?
Soybean oil is traded at the Chicago Board of Trade in contracts of 60,000 pounds at a time. Prices are listed in cents and thousandths of a cent per pound, with a minimum fluctuation of 5/1000 cents. It has been traded there since 1951.