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New Russian oil industry taxation scheme expected to raise oil price for Belarus

Economy 09.11.2018 | 18:10

MINSK, 9 November (BelTA) – The price for Russian oil Belarus pays may go up by more than $20 per tonne every year as a result of the latest revision of the Russian oil industry taxation scheme, BelTA learned from Vladimir Sizov, Deputy Chairman of the Belarusian state petrochemical concern Belneftekhim.

The official said: “With the oil price at $70 per barrel the so-called tax maneuver can raise the oil price for us every year by more than $20 per tonne according to preliminary calculations.”

Fixing the loss in the price for the oil Russia sells to Belarus is one of the ways designed to offset the negative effects for the Belarusian side. Some other approaches to compensations for Belarus may be reached in the course of negotiations with Russia, said the official. “Negotiations are in progress. It is too early to talk about the final decision but by the end of the year we would like to have certain understanding of the conditions we will have to work in,” said Vladimir Sizov.

The Belarusian-Russian compensation deal is expected to meet the spirit of the common market of oil and oil products, which will start working in the Eurasian Economic Union. “Conditions on the market must be comparable for all the market players. The Russian Federation is adjusting its taxation. Russian oil processing companies will get support and compensations as a result. It will allow them to offer cheaper products on the home market. Naturally, as part of the common market conditions for commercial entities should be levelled off,” said Vladimir Sizov.

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