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24 Mar 2020

Russian companies to supply oil to Belarus without premiums

Russian companies to supply oil to Belarus without premiums
Sergei Rumas

MINSK, 24 March (BelTA) – 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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