Saudi Arabia said to issue five cement export licenses

Saudi Arabia’s Ministry of Commerce and Investment (MOCI) has issued five cement export licenses and one for steel exports, Al-Eqtisadiah newspaper reported on Saturday.

Saudi Customs will collect the fuel price differentials for steel and cement exporters, it was reported.

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

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

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

The Saudi government had earlier approved a new 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 are estimated between SAR 58 and SAR 390 per ton.