Import of bitumen from the Middle East : The Middle East has always been a significant region whether politically or economically. The first oil reserve was found in 1908 by a geologist, George Bernard Reynolds, in Persia (Iran). Thereafter the discovery the first oil company was created in 1909 known as the Anglo-Persian Oil Company (APOC). But why the Middle East has been always a controversial region over the past decades?
By the huge amount of oil reserves, the countries of the region found a significant source of income. The discovery was not quite a fortune for the Middle Easterns though. It became a more valuable zone but so many wars took place over the possessions of oils reserves. The Middle East owns over 60 percent of world oil reserve. It provides large quantities of oil and petrochemical products all over the world specifically Asian market.
The biggest oil producers of the Middle East are Saudi Arabia, Iraq, Iran, the United Arab Emirates and Kuwait. Additionally, these counties are members of The Organization of the Petroleum Exporting Countries (OPEC) meaning they coordinate their petroleum policies to maintain the price and supply. The coordination leads to stabilizing the global price of oil to avoid huge price surges.
One of the most significant oil derivative products is Bitumen. The Middle East has been an excellent manufacturer due to the high numbers of refineries and efficient oil supply. Both forms of natural and refined bitumen are available in the region, however, the natural form of bitumen has a costly extraction process. Therefore, refined bitumen is more economical.
A large share of bitumen importers cargoes includes bitumen from the Middle East. India, one the largest importer of bitumen, had imported 23% (566 thousand US$) of its total import from the United Arab Emirates and other 1.57% (38 thousand US$) from Iran in 2019.
The United Arab Emirates has also exported about 55 thousand tons of bitumen to India.
Infinity Galaxy has been providing numerous countries all over the globe with excellent Middle East bitumen over 10 years.
African countries, India and East Asia are some of the Middle East bitumen demanding parties.
For more information on importing bitumen from the Middle East, feel free to get in touch with us here