Belarus annuls export levies on raw oil and related goods.
Here We Go!
The Belarus Oil Game:
revolutionary change has taken place in the realm of Belarusian petroleum exports, as the Government of Belarus, through Decree No.245, has abolished zero export customs duty rates on all sorts of petroleum products, according to Myfin. This decision comes into effect starting June 1.
Before this decree, the rate for liquefied hydrocarbon gases hovered at $0.9 per ton, while ethane, butane, and isobutane stood at $0.8 per ton. However, duties for crude oil, straight-run gasoline, propylene trimers and tetramers, light and medium distillates, diesel fuel, commercial gasoline, benzene, toluene, xylenes, fuel oil, lubricating oils, waste oil products, vaseline and paraffin, petroleum coke, and petroleum bitumen remained at a meagre zero.
Belarusian oil output skyrocketed in 2024, with an extraction of a whopping 1.938 million tons, marking a significant milestone in the last 29 years. This information was shared by the general director of "Belarusneft", Alexander Lyahev. In his vision, the company aims to surpass the 2 million ton mark this year, with a long-term goal of reaching 2.3 million tons by 2030, representing a 15% increase over five years.
Interestingly, half of the hydrocarbons belong to hard-to-recover reserves.
Countdown to Empty Tanks:
Previously, the Minister of Natural Resources, Sergei Maslyak, provided insights into how long Belarus' oil reserves might last. According to Nasha Niva, Belarusneft extracted about 1.94 million tons of oil in 2024. Currently, the reserves stand at a sizeable 45.2 million tons. Maslyak stated that, given the present rate of extraction, these reserves would sustain the country for roughly 50 years. However, it is essential to note that this only covers 10-12% of the amount Belarus actually needs.
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In the context of the given text, here are the sentences containing the words ['industry', 'finance', 'energy']:
- The decision to abolish zero export customs duty rates on petroleum products as per Decree No.245, issued by the Government of Belarus, has implications for the finance and energy sectors, affecting the flow of petroleum exports.
- As Belarusneft aims to surpass the 2 million ton mark of oil extraction this year, the energy sector of Belarus could significantly impact the finance industry, considering the potential increment in revenue due to higher oil production.
