Belarus’ export of oil products to Russia up 3.5 times in Jan-Nov 2020 to $131.039m
<p> MINSK, Jan 15 - PrimePress. Belarus boosted the export of oil products to Russia in January-November 2020 by 3.5 times year on year to $131.039 million, reads the official statistics report. </p> <p> </p> <p> In physical terms, the export increased in Jan-Nov 2020 by 6 times yoy to 336,100 tonnes. </p> <p> </p> <p> Belarus exports oil products to Russia through the European Trading Company LLC, a subsidiary of the Belarusian Oil Company CJSC, under direct contracts and at auctions on the St. Petersburg International Mercantile Exchange (SPIMEX). </p> <p> </p> <p> Russia became a premium market for Belarusian oil products in April 2020, which made it possible for the Belarusian refineries to partially compensate for the losses fr om reduced sales in Europe, wh ere demand fell due to the quarantine restrictions. Since Russian producers make damper payments to the federal budget, the price of petrol in Russia did not change despite the fall of oil price, so it became profitable to trade imported fuel in Russia, primarily for Belarus, due to favourable logistics and low transportation costs of fuel deliveries to Russia. </p> <p> </p> <p> According to Argus Media, sales of motor fuel to Russia in April brought the Belarusian seller $100 more per 1 tonne of oil products than deliveries in the direction of the Latvian port of Ventspils. </p> <p> </p> <p> Russia prohibited the import of oil products from June 1, 2020 till October 1, 2020 to prevent overstocking in the domestic market and the closure of domestic refineries amid reduced demand for oil products. </p> <p> </p> <p> As previously reported, Belarus reduced the export of oil products to the Russian Federation in 2019 by 19% year on year to $44.3 million in monetary terms and by 12% in physical terms to 67,300 tonnes. </p> <p> </p> <p> In April 2017, as part of a Belarus-Russia package agreement on cooperation in the oil and gas sector, the previous agreement on obligatory supplies of 1 million tonnes of Belarusian petrol to Russia per year was abolished. End </p>
2021-01-16
Primepress
Belarus’ export of oil products to Russia up 3.5 times in Jan-Nov 2020 to $131.039m
MINSK, Jan 15 - PrimePress. Belarus boosted the export of oil products to Russia in January-November 2020 by 3.5 times year on year to $131.039 million, reads the official statistics report.
In physical terms, the export increased in Jan-Nov 2020 by 6 times yoy to 336,100 tonnes.
Belarus exports oil products to Russia through the European Trading Company LLC, a subsidiary of the Belarusian Oil Company CJSC, under direct contracts and at auctions on the St. Petersburg International Mercantile Exchange (SPIMEX).
Russia became a premium market for Belarusian oil products in April 2020, which made it possible for the Belarusian refineries to partially compensate for the losses fr om reduced sales in Europe, wh ere demand fell due to the quarantine restrictions. Since Russian producers make damper payments to the federal budget, the price of petrol in Russia did not change despite the fall of oil price, so it became profitable to trade imported fuel in Russia, primarily for Belarus, due to favourable logistics and low transportation costs of fuel deliveries to Russia.
According to Argus Media, sales of motor fuel to Russia in April brought the Belarusian seller $100 more per 1 tonne of oil products than deliveries in the direction of the Latvian port of Ventspils.
Russia prohibited the import of oil products from June 1, 2020 till October 1, 2020 to prevent overstocking in the domestic market and the closure of domestic refineries amid reduced demand for oil products.
As previously reported, Belarus reduced the export of oil products to the Russian Federation in 2019 by 19% year on year to $44.3 million in monetary terms and by 12% in physical terms to 67,300 tonnes.
In April 2017, as part of a Belarus-Russia package agreement on cooperation in the oil and gas sector, the previous agreement on obligatory supplies of 1 million tonnes of Belarusian petrol to Russia per year was abolished. End