Sanctions-stricken Naftan may be withdrawn from BelOil shareholding structure
<p> MINSK, Jul 19 - PrimePress. The Naftan refinery, which fell under the U.S. sanctions may be removed from the shareholding structure of Belarusian Oil Company (BelOil, designated export trader in Belarusian oil products). This follows from the information, published on the BelOil website. </p> <p> </p> <p> Thus, the section “about the company” says that "May 17, 2007 was the starting point for commercial activities of Belarusian Oil Company, whose shareholders are Belarus’ largest companies engaged in oil production and refining. </p> <p> </p> <p> However, only Mozyr Refinery and Belorusneft are listed in the “Partners” section. Meanwhile, until recently, Belorusneft (52% stake), Naftan and Mozyr Oil Refinery (24% each) acted as BelOil shareholders. </p> <p> </p> <p> Now the structure of BelOil shareholders is not disclosed. </p> <p> </p> <p> Under the “50% rule” of the U.S. Office of Foreign Assets Control (OFAC), which is a provider of financial sanctions, restrictions may also be imposed on subsidiaries of sanctioned entities if the shareholding exceeds 50%. “Naftan is known to be the owner of 24% of the shares of BelOil”. </p> <p> </p> <p> BelOil exports petroleum products produced by its shareholders and purchases and refines oil at Belarusian refineries. </p> <p> </p> <p> As previously reported, June 3, 2021, the U.S. Department of the Treasury resumed sanctions against nine Belarusian companies - Belneftekhim Concern and its U.S. subsidiary, Belshina, Grodno Azot, Grodno Khimvolokno, Lakokraska, Polotsk Steklovolokno and Belarusian Oil Trading House, as well as Naftan. </p> <p> </p> <p> This is likely to be the reason why the state-run production association Belorusneft (Rechitsa, Gomel Oblast) has been withdrawn from the management structure of Belarus’ petrochemical industries concern (Belneftekhim) which fell under the U.S. sanctions. End </p>
2021-07-20
Primepress
Sanctions-stricken Naftan may be withdrawn from BelOil shareholding structure
MINSK, Jul 19 - PrimePress. The Naftan refinery, which fell under the U.S. sanctions may be removed from the shareholding structure of Belarusian Oil Company (BelOil, designated export trader in Belarusian oil products). This follows from the information, published on the BelOil website.
Thus, the section “about the company” says that "May 17, 2007 was the starting point for commercial activities of Belarusian Oil Company, whose shareholders are Belarus’ largest companies engaged in oil production and refining.
However, only Mozyr Refinery and Belorusneft are listed in the “Partners” section. Meanwhile, until recently, Belorusneft (52% stake), Naftan and Mozyr Oil Refinery (24% each) acted as BelOil shareholders.
Now the structure of BelOil shareholders is not disclosed.
Under the “50% rule” of the U.S. Office of Foreign Assets Control (OFAC), which is a provider of financial sanctions, restrictions may also be imposed on subsidiaries of sanctioned entities if the shareholding exceeds 50%. “Naftan is known to be the owner of 24% of the shares of BelOil”.
BelOil exports petroleum products produced by its shareholders and purchases and refines oil at Belarusian refineries.
As previously reported, June 3, 2021, the U.S. Department of the Treasury resumed sanctions against nine Belarusian companies - Belneftekhim Concern and its U.S. subsidiary, Belshina, Grodno Azot, Grodno Khimvolokno, Lakokraska, Polotsk Steklovolokno and Belarusian Oil Trading House, as well as Naftan.
This is likely to be the reason why the state-run production association Belorusneft (Rechitsa, Gomel Oblast) has been withdrawn from the management structure of Belarus’ petrochemical industries concern (Belneftekhim) which fell under the U.S. sanctions. End