Najran Cement receives export license

Najran Cement said it has received an export license, valid for one year, from Saudi Arabia’s ministry of commerce and investment.

The license has been transferred to the Saudi customs at the ministry of finance, the company said in a statement to Tadawul on Wednesday.

Last month, the company’s chief executive Badr Al Johar said that the high export prices would make it difficult to compete abroad.

Nevertheless, exports would help the company reduce its inventory, which at 3 million tons is equal to a full year’s sales, he had added.  

A Saudi ministerial committee has 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 SAR 85 and SAR 133 per ton, while steel export charges were estimated between SAR 58 and SAR 390 per ton.