Belarus, Venezuela to set up joint company selling oil products

http://law.by/work/englportal.nsf/0/FE0DDD68C9024654C225773D00520E3A?OpenDocument

MINSK(BelTA) – A joint Belarusian-Venezuelan company selling products of oil refinement will be set up by the end of June 2010, BelTA learnt from the Belarusian Oil Company.

At the moment the company is undergoing registration. Belarus is supposed to hold 25% of the company’s shares, Venezuela – 75%.

The Venezuelan oil is delivered to Belarus under the customs territory regime. It means that 100% of products of oil refinement will go for export. The products of Mozyr Oil Refinery are sold mainly in Ukraine via affiliated company BNK-Ukraina. The results of sales prove that sales of products of Venezuelan oil refinement are economically efficient.

As spokesman for Belarusian Oil Company said, owing to low sulphur content of Venezuelan oil the output of light oil products is about 80%.

Belarus and Venezuela signed a contract on oil supplies in March 2010. In line with the contract Belarus will receive nearly four million tonnes of Venezuelan oil within the next twelve months. The first 80,000 tonnes of Venezuelan oil was shipped to the Odessa seaport in late April. Then it was delivered to the Mozyr Refinery via railways. It has been already refined.

On 31 May, the second oil tanker with the capacity of nearly 80,000 tonnes left Venezuela. It is scheduled to arrive in Odessa on 20 June, and to be delivered to Mozyr by 15 July. Two more oil tankers carrying 160,000 tonnes of oil will be sent to Belarus by the end of June.