WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jul 09 2023
- Category: News
- Published: Monday, 16 October 2023 08:59
- Written by Super User
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Last week 143,000 MT VB were supplied in IME, by 5% increase, 306,000 MT demand were registered. In prior week, the supply rate soared by 12,000 MT clearly the whole amount was sold and weekly VB’s fluctuation rate was from 0.2% to 7.7%. Due to increase in out- puts from Abadan, Bandar Abbas and Arak refineries, the amount of offers have increased. Furthermore, VB from Tehran refinery increased the most by 7.7% and ratio between VB close price and IME’s export bitumen reached 87%, also VB’s average value in Free Mar- ket USD assessed at 237$. In addition, VB’s value in the Center of Exchange Dollar have reached 292$. VB’s average price base on Free Market Dollar demonstrate 3% increase.
Supplies in IME’s export market were around 30,000 MT and they were 20,000 MT less than the average of prior month. Due to halted offers from Bandar Abbas Jey Oil, Abadan Pasargad Oil and Pars Behin Qeshm Oil total amount of supplies were declined. For this amount of outputs, 63,600 MT demand were registered and as it was more than supplies, all of them were traded. Considering the free market USD to IRR exchange rate, at pub- lished date, the bargained equivalent rates for Isfahan Jey Oil Bulk and Drum Bitumen were 270$ and 328$ respectively. Prices for Bandar Abbas Pasargad Oil Bulk and Drum Bitumen were 280$ and 332$. Furthermore, the rate for Tehran and Arak Pasargad Oil was 267$.
The CEO of National Iranian Oil and Distribution Company, Jalil Salari, referring to the presi- dent’s latest trip to South America and signing agreements, announced, “Our duty in NIODC is to complete the value chain.As a result, necessary predictions for oil refinement in refinery chain and continuation of it in petrochemicals chain were considered. One of the ongoing projects is to construct a refinery in one of the SouthAmerica countries and reinvest the earnings on the refinery.
Muhammad Ali Khatibi, Iran’s former agent in OPEC, mentioned that, “In current times, Iran will not enter the market in any countries but it will reopen the out of commission refineries in countries like Venezuela, then transfer its oil to those refineries. In other words, Iran’s crude is entering in lost markets and refineries that are out of commission