News ID: 215928
Published: 0147 GMT May 29, 2018

Oil Ministry permits bitumen export from late June

Oil Ministry permits bitumen export from late June

Iran's Oil Ministry has authorized the export of bitumen from June 22.

Following the government's approval last month to permit the export of bitumen (except mineral and export bitumen), the Oil Ministry put compilation of mechanisms for this directive on top of its agenda, Mehr News Agency wrote.

In a written directive to the Islamic Republic of Iran Customs Administration (IRICA), the Oil Ministry ordered IRICA to allow export of bitumen by June 22 within the framework of rules and regulations.

The first regulation pertains to the export of bitumen obtained from vacuum bottom (raw material for producing bitumen) as purchased at Tehran Stock Exchange (TSE), based on which, the bitumen will be exported if licensed by TSE.

The second regulation is related to the export of bitumen that the Oil Ministry distributes free of charge according to law.

Based on estimates, Iran produces approximately five million tons of bitumen per year and the Oil Ministry is obliged to deliver maximum four million tons of vacuum bottom to relevant companies.


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