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Fats and Oils Sometimes it is important to distinguish between fats and oils, or more completely, animal fats and vegetable oils. The distinction between these rests on what kinds of fatty acids went into the formation of that fat.
Chemical Characteristics. Olive oil is composed mainly of triacylglycerols (triglycerides or fats) and contains small quantities of free fatty acids (FFA), glycerol, phosphatides, pigments, flavor compounds, sterols, and microscopic bits of olive. Triacylglycerols are the major energy reserve for plants and animals.