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Saudi Arabia issues five cement export licenses

Saudi Arabia’s Ministry of Commerce and Investment (MOCI) issued five cement export licenses and one for steel exports, according to a report by Al-Eqtisadiah newspaper

Saudi Customs will collect the fuel price differentials for steel and cement exporters.
Saudi Customs will collect the fuel price differentials for steel and cement exporters.

Saudi Arabia’s Ministry of Commerce and Investment (MOCI) issued five cement export licenses and one for steel exports, according to a report by Al-Eqtisadiah newspaper.

Saudi Customs will collect the fuel price differentials for steel and cement exporters.

No information was provided about the companies that won the licenses.

Argaam earlier reported that Tadawul-listed Najran Cement obtained in February the first cement export license to reduce its stockpiles, which had built up to some 3 million tonnes.

Al Jouf Cement was also issued a license to export cement by the MOCI in February.

The Saudi government had earlier approved a mechanism under which cement and steel exporters would have to pay the difference in fuel costs between the local and international market.

Cement export fees are estimated between $22.67 and $35.47 per tonne, while steel export charges are estimated between $15.47 and $104 per tonne.

 

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Sep 15, 2019