Belarus’ export of oil products to Russia up 6.2 times in Jan-Feb 2021 to $27.37m

<p> MINSK, Apr 12 - PrimePress. Belarus boosted the export of oil products to Russia in January-February 2021 by 6.2 times year on year to $27.37 million, reads the official statistics report. </p> <p>   </p> <p> In physica6 terms, the export increased in Jan-Feb 2021 by 3.1 times yoy to 15.36m tonnes. </p> <p>   </p> <p> As previously reported, Belarus’ export of oil products to Russia grew 3.3 times year on year in 2020 to $151,91m, up 5.6 times in physical terms to 384,300 tonnes. The average export price of Belarus’ oil products shipped to Russia in 2020 stood at $395.282 per tonne, down 41.6% year on year. </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. End </p>

2021-04-13

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