Exports by leading Iranian bitumen maker go on despite sanctions

A leading global producer and exporter of bitumen based in Iran says exports from the company have continued unabated over the past one and a half years despite American sanctions that have specifically targeted the country’s oil industry.

The CEO of Jey Oil Refining Company said on Saturday that it had exported $650 million worth of bitumen since March 2018.

Majid A’zami said that only 572,000 tons of bitumen had been exported by Jey Oil to 19 countries since March this year.

He said the continued exports had come despite various problems, including the sanctions imposed by the US and months of strikes by tanker drivers last year which affected supply to ports.

Bitumen production at Jey Oil, one of the 10 leading bitumen makers of the world and the largest in the Middle East region, is centered in its main refining facilities in Isfahan, in central Iran.

The company is seeking to set up new production facilities near Bandar Abbas, located on the Persian Gulf, where its massive storage and exports facilities are located.

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A’zami said more than 300 jobs will be created in the new production site in Hormozgan, the province where Bandar Abbas is located, adding that launching the refinery is waiting for certificates from local government departments.

He ruled out reports that the bitumen produced by Jey Oil had been smuggled outside of Iran to evade sanctions imposed by the US, insisting that the possibility for smuggling bitumen was zero due to harsh legal restrictions that existed for export of the refined product from the country.

The bitumen produced in Iran is one of the best in the world in terms of quality, mainly because most of the crude pumped across the country is of the heavy-grade type.

Iran is currently the fourth largest global exporter of bitumen. Main destinations include countries in the region as well as in Asia, Europe and in Africa.

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