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Economy
07 October 2021, 15:41

Economic advisability to guide future transit of Belarusian potassium, oil products

Nikolai Snopkov
Nikolai Snopkov

MINSK, 7 October (BelTA) – Belarus will sign contracts on the transit of potassium and oil products bearing in mind primarily economic advisability. First Deputy Prime Minister of Belarus Nikolai Snopkov made the statement after the government conference held by the head of state to discuss the counteraction of Western sanctions, BelTA has learned.

Speaking about prospects of cooperation with other countries in the sphere of transit of potash fertilizers and oil products next year, Nikolai Snopkov stressed that these goods will be delivered to customers bearing in mind primarily economic advisability.

The official said: “Nobody says it will stop. I would say those are peculiar psychological statements on the Internet. Business will put everything in its place. The world market's demand for these products will put everything in its place.”

Nikolai Snopkov noted that Belarusian potassium accounts for over 20% of the world's export. It is inadvisable to leave the market without Belarusian products or in other words ruin the market from the point of view of world food security and from the point of view of business per se. in his words, the average price specified by long-term contracts slightly exceeds $200 per tonne of potassium. Prices can go as high as $1,000 per tonne of potassium during spot transactions.

“Can you say whether farmers all over the world need such a price? If it is the price for main ingredients of the harvest, how much will grain, soya cost? I think common sense will prevail in the end and potassium will continue being sold on the market,” the official summed it up.

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