Belnaftakhim in talks over oil supplies diversification

Belarusian petrochemical concern Belnaftakhim is in talks with foreign supplies with the aim of diversifying crude oil supplies to Belarus, CEO Ihar Lyashenka told the Belarusian government-owned Respublika newspaper. 

Talking about the Belarus-Russian energy conflict that was resolved last month, Lyashenka stressed that the concern had survived a very difficult period when crude oil was in shortage. The experience gained will be taken into account when shaping a long-term development strategy, he said. 

"Sooner or later, Russia will end its tax maneuver - probably already already in 2019-2010 under the pressure from the Ministry of Finance. People may argue about the dates but Russia's domestic oil prices will soon be if not equal but very near to the world prices," Lyashenka said. Therefore, Belnaftakhim is exploring possibilities to receive crude oil from other regions. In his words, diversification creates a safety buffer for the country's economic stability. 

Belnaftakhim CEO declined to name the countries Belaus is in talks on this issue with, citing commercial confidentiality.