Business news

MINSK, 5 May (BelTA) – Belneftekhim Concern is working on the diversification of oil supplies and is in talks with other partners, Belneftekhim Chairman Igor Lyashenko said in an interview with the Respublika newspaper, BelTA has learned.

“The recent dispute with Russia made us prompted us to consider oil suppliers from other regions. This is not an easy or quick process: we need to find partners, to calculate logistics and various options... We continue to work on all these issues. This is not to spite Russia. Diversification is always an additional safety net for any industry and its economic sustainability,” Igor Lyashenko noted. He did not name specific countries or alternative routes. “The negotiations are underway. Their content is a commercial secret. Certain options are on the table,” he said.

According to Igor Lyashenko, Belneftekhim is implementing the recent agreements with Russia. “indeed, we went through a tough time of a shortage of raw materials. But those were not only big problems but also a big experience. We will use it in our long-term development strategy,” he said. Igor Lyashenko noted that sooner or later Russia will complete the tax maneuver. “This may happen, under the pressure from the Finance Ministry, already in 2019-2020. They still debate this issue, but it is obvious: not far off are the days when the domestic Russian oil prices will either equal or closely approach the world prices.”