Well put simply No , having consulted various railway books , techicnal and otherwise , coconut oil harvested from coconut palm (Cocos nucifera) can be used as engine oil in come cases as a bio fuel in tropical countries, correct flange lubraction would require grease
as opposed to oil, anyway our climate is sadly lacking in palm trees , there was one beside the railway at Howth a number of years ago but I never saw any coconuts hanging from it