Belarusian oil exports down by more than half

In January-March 2020 Belneftekhim implemented two of the three key performance indicators, the concern page reports.

The concern has implemented the sales profitability indicator in industrial and energy saving. The indicator for export of goods was not implemented: 44.2% with the target of 103.5%.

Industrial production index of Belneftekhim in comparable prices for the first quarter amounted to 83.8%.

Production amounted to 424 thousand tons of oil (101.9% against January – March 2019). The volume of oil processing for three months amounted to 2.76 million tons (59.4% compared to the same period last year).

Exports of goods amounted to $ 921.2 million, or 44.2% compared to the same period of 2019.

At the end of 2019, Minsk was unable to conclude oil contracts with major Russian suppliers. As a result, in the first quarter of 2020, Russian oil imports to Belarus decreased by 77% to only 1.04 million tons. President of Belarus Alyaksandr Lukashenka has set a task for the government to reduce Russia’s share in Belarus’ oil imports to 30-40%. It was only in April that the government managed to reach an agreement with the main Russian oil suppliers against the background of the global drop in oil prices.