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Country News

25 March 2020

Russian companies to supply oil to Belarus without premiums

Russian companies will supply oil to Belarus without premiums, BelTA learned from Prime Minister of Belarus Sergei Rumas on 24 March. 

Sergei Rumas said: “Since late 2019 Belarus has been negotiating the acquisition of Russian oil for our oil refineries without a premium. Literally on Saturday we came to an agreement with the Russian government that all the Russian companies will be able to supply oil without a premium.” 

In his words, premiums paid to Russian companies were as high as $11.7. “Companies will reduce this premium by $7. In other words, the companies will supply oil with a premium of $4.7. It will be settled by interbudget transactions. I mean the Russian Federation government will take care of the $4.7,” the prime minister explained. 

Sergei Rumas remarked that just like other Russian companies Rosneft had been against selling oil without a premium and had insisted on a full price instead. “Belarus is going to choose the oil companies that will offer the best terms of oil deliveries. For instance, a long deferral of payment. This is why we are not certain Belarus will buy oil from Rosneft. We will primarily prioritize the companies, which sold us oil without a premium at a difficult time (the first quarter of the year). Those are Gutseriyev's companies and small companies. All other things being equal, these companies will be prioritized,” Sergei Rumas stated.

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