Iranian Asphalt Maker Sets Sight on European Shippers to Expand in Asia

TEHRAN (Tasnim) – The managing director of Hormoz Pasargad Bitumen Products Co., Iran’s biggest producer of asphalt material, said the company is seeking to increase its output by almost 15 percent in the next two years.

Iranian Asphalt Maker Sets Sight on European Shippers to Expand in Asia

Hormoz’s bitumen production will grow to 4 million metric tons a year, from 3.5 million tons currently, with exports climbing to 2 million from 1.5 million tons, Keyvan Alaei said in an interview on the sidelines of a conference in Tehran, according to Bloomberg on Wednesday.

He added that the Iranian company is in negotiations with National Iranian Tanker Co. and European lines to expand in Asia.

Noting that the future of the Iranian bitumen industry is bright, Alaei said, “In the post-sanctions era, we are trying to negotiate with major global and European shipping lines as they can help us in our marketing efforts given our potential in this product”.

Iran is boosting oil production a year after the easing of sanctions on its economy following the 2015 nuclear deal between Tehran and world powers. This allows for greater output of byproducts such as bitumen.

Tehran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany) reached the nuclear deal on July 14, 2015 and started implementing it on January 16, 2016.

The comprehensive nuclear deal terminated all nuclear-related sanctions imposed on Iran.

Most Visited in Economy
Top Economy stories
Top Stories