Belarus’ FX proceeds from oil products export to Russia up 230% in 2020 to $151.910m

<p> MINSK, Feb 22 - PrimePress. Belarus increased the proceeds in foreign exchange fr om the exports of oil products to Russia in January-December 2020 by 230% year on year to $151.910 million, according to the official statistical report. </p> <p>   </p> <p> In physical terms, Belarus increased supplies of oil products to Russia in 2020 by 460% from 2019 to 384,300 tonnes. </p> <p>   </p> <p> The average price of oil products exported from Belarus to Russia in 2020 decreased by 41.6% year on year to $395.282 per tonne. </p> <p>   </p> <p> The Belarusian Oil Company CJSC, the special exporter of Belarusian oil products, operates in the Russian market through its subsidiary European Trading Company LLC. It sells oil products in Russia both under direct contracts and on the St. Petersburg International Mercantile Exchange (SPIMEX). The Russian market became premium for Belarusian oil products in April 2020, which made it possible for Belarusian refineries to partially compensate the losses from reduced sales in Europe, wh ere demand fell due to the anti-COVID-19 quarantine, since the price of gasoline in Russia did not change after the drop in oil prices due to the Russian producers’ dampening deductions into the budget, so trade in imported fuel in Russia became profitable, primarily for Belarus thanks to the good logistics and low transportation costs of fuel deliveries to Russia. </p> <p>   </p> <p> According to Argus, the April sales of motor fuel to Russia brought the Belarusian oil products seller $100 per tonne more than sales via the Latvian port of Ventspils. </p> <p>   </p> <p> Russia banned the import of oil products to support domestic refineries amid shrinking demand from June 1 to October 1, 2020. End </p>

2021-02-23

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