Oil Ministry to issue license for exporting bitumen in next month

TEHRAN, May 29 (MNA) – In a new directive issued by the Oil Ministry, bitumen will be exported to other countries as of the beginning of Iranian month of Tir (June 22).

After receiving government’s approval in the past month in the field of export of any bitumen (except mineral and export bitumen), the Oil Ministry put compilation of mechanisms for this important directive atop agenda.

In another directive issued to the Islamic Republic of Iran Customs Administration (IRICA) in written form, the Oil Ministry ordered IRICA to allow export of bitumen by the end of current month within the framework of rules and regulations.

The first regulation is related 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 produced bitumen will be exported to other countries if licensed by TSE.  

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

Based on estimates, approx. 5 million tons of bitumen is produced in the country. Under the law, the Oil Ministry is obliged to deliver maximum four million tons of vacuum bottom to the relevant companies.  

MA/4308498

News Code 134421

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