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Lukashenko plans to buy oil from USA and UAE

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Lukashenko plans to buy oil from USA and UAE
January 24
13:00 2020

The President of Belarus said that the country was negotiating oil supplies with the United States, the UAE and Saudi Arabia. Alexander Lukashenko made that information public in Shklov. “We have an excellent relationship with them. They can supply us with as much oil as needed. The price will be higher, but their quality is better,” said Lukashenko.

It is no secret that there are still some disagreements with Russia. The fact that Moscow wanted to sell oil at a higher price than the market suggested became the reason for the tension. In negotiations with Vladimir Putin, the President of Belarus said that they were looking for other sources of oil. The country can no longer depend on one supplier.

The Belarusian leader has several options for diversifying supplies. These include purchases through the Baltic ports of Klaipeda and Gdansk. The second option will require the use of one of the branches of the Druzhba pipeline, which should work in the reverse direction.

The third source of supplies is from the Black Sea through Ukraine. This path has already been tested. The last option is deliveries from the Russian Federation. Belarus is not going to refuse this source.

Since the beginning of this year, Russia has hardly supplied oil to Belarus. The exception is small volumes of the SAFMAR Group. The parties also experienced difficulties in the negotiations on fuel supplies to refineries.

Oil prices have proven to be a stumbling block in the dialogue. Belarus wanted to cut bonuses ranging from 6 to 10 US dollars per ton. They relate to duty free shipping. By the way, since the beginning of 2020, oil for Belarus has risen in price by $ 20 per ton.

Russian suppliers offer last year’s tariffs, because deliveries are carried out under preferential terms. Belneftekhim Concern notes that now Russian oil is bought at a price of more than 80% of the world.

On January 20, it became known that Belarus had bought 80 thousand tons of oil from Norway. It is going to be delivered to Naftan refinery. The raw materials have already arrived in Klaipeda to be loaded into tanks and sent by rail.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company
UFT Group

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