Belarusian oil products delivered to Russia in January-February as agreed

In January-February Belarus honored its commitments to Russia by delivering the planned amount of oil products, BelTA learned from Igor Lyashenko, head of the Belarusian state petrochemical concern Belneftekhim.

“Naturally the cost of oil affects revenues from export. As of 1 January Belarusian oil refineries have to buy oil in conditions of adjusted taxation of the Russian oil industry. Considering the present oil cost oil processing terms have been worsened by roughly $20 in comparison with the previous year,” said the Belneftekhim head.

Asked whether Belneftekhim had contacted the government to request a compensation for the losses incurred by the oil refineries, the Belneftekhim head said: “We have not contacted the government for a compensation because for now our oil refineries are operating in the black. In these conditions we have enough money for modernizing the enterprises”. The official remarked that the existing parity allows Belarusian oil refineries to produce positive results. If the tax adjustment of the Russian oil industry stays the way it is, the results will stay positive.

There are two oil refineries in Belarus. Mozyr Oil Refinery was commissioned in 1975. Now known as OAO Naftan, the Novopolotsk oil refinery was commissioned in 1963. In 2014 the primary processing of raw materials by Belarusian oil refineries totaled 22.3 million tonnes, 5.4% up from 2013.