WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: May 21 2023
- Category: News
- Published: Saturday, 14 October 2023 11:46
- Written by Super User
- Hits: 97
Last week 100,000 MT VB were supplied in IME, by 47% increase 292,000 MT demand were registered. In prior week, the supply rate was declined by 33,000 MT clearly the whole amount was sold and statistically fluctuation trend was from 11.9% to 68.2%. Due to halted outputs from Tehran refinery, the amount of offers have decreased and Abadan VB with 68.2% increased the most. Furthermore, VB close price and IME’s export bitumen ratio reached 83%, also VB’s average value in Free Market USD assessed at 259$. In addition, VB’s value in Dollar Bill have reached 310$. (Minus taxes and other fees)
Supplies in IME’s export market were around 38,000 MT, although it was 19,000 MT less than the monthly average of prior month and totally, it demonstrates declining in outputs. Halted offers from Bandar Abbas, Abadan, Tabriz Pasargad Oil and Pars Behin Qeshm Oil were the main reasons. For this amount of outputs, 41,100 MT demand were registered and all offers were traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Bandar Abbas Jey Oil Bulk Bitumen was 326$ and Bandar Abbas Pasargad Oil Drum Bitumen was 368$. In addition, Abadan Pasargad Oil Bulk Bitumen output was 296$.
Isfahan Oil Refinery firm have published its financial statement for 2022-23, which demonstrated operation revenues and net profit were increased 50% and 131% respectively. In addition, the statement showed that gross profit from VB sales has reached 43,000 billion IRR and experienced 300% increase; mentioned value is forming 10% of the net profit. Soaring in gross profit was because of a profit margin increase in producing VB.
The central bank’s chairman announced “Foreign currency market is consists of several participants such as exporters, importers and exchanges, all mentioned participants should obey the laws of country’s foreign currency market. Therefore, we are following up these items on supply side and fortunately, government is cooperating as well.” He added, “285,000 IRR dollar is coming from oil sales revenues and it is completely different form 420,000 IRR dollar.”
Iran’s oil minister, Javad Owji, mentioned that, “Iran has the highest levels of oil and gas resources in the world, the amount of mentioned resources are 154 billion barrels and 33 trillion cubic meters.” He added, “As the government’s attempts in producing oil, gas and other products were positive, we achieved the capacity of producing 3 million barrels of oil, 1 billion cubic meters of gas, 2.4 million liters of refining products and 95 million MT of petrochemicals. In addition, in prior year several incomplete oil projects worth above 12 billion
dollars came into operation phase that had a direct impact on country’s economic growth.”