What is the failure of the commodity exchange export ring in bitumen transactions?

The legislator’s requirement to export bitumen through the export ring of the Commodity Exchange has certainly been done with the aim of clarifying the export transactions of this product with oil value, so that bitumen producers are required to supply bitumen on the Commodity Exchange in order to obtain an export license. With the pathology of this process and the removal of obstacles, the goods provided the ground for achieving the goals of this legal obligation.

One of the main challenges in the supply of bitumen in the export ring of the Commodity Exchange is the impossibility of settling the accounts of buyers and sellers in the barter room of the Commodity Exchange, so that There is no usable foreign exchange account for transactions; Therefore, all transactions are inevitably led to credit settlement (out of stock).

Sending the settlement of export trades out of the stock exchange, practically leads these trades to formal trades, which in itself will be a kind of violation of the purpose of the main purpose of the stock exchange as a transparent institution of transactions. The stock exchange, in fact, the commodity exchange is out of profit and will only receive a fee without providing a significant service.

Therefore, knowing that the conditions of sanctions have affected not only exporters, but also the Commodity Exchange, it is worthwhile to envisage a solution in which the Commodity Exchange, as a governing body, accompanies bitumen exporters in managing this risk so that the whole risk and responsibility of this issue Do not transfer to the exporter at once.

It is worth noting that the Energy Exchange, realizing the importance of this issue, has already envisaged solutions to mitigate the risks associated with off-exchange settlement of accounts in a fair manner.

Mohsen Athlete / Bitumen Industry Expert ‌

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