The Deputy Director General remarked that the need for renting, buying or building terminals arises regularly and is being considered now. “There is an abundance of proposals,” he stressed. Yet the company has to choose the optimal variant, which takes into account the effectiveness of terminal busyness and tariff policies in the neighboring states.
Some variants have been discarded while the company continues considering the rest. BelOil is, however, far from making the final decision, said Nikolai Vasilevich.
He also remarked that Belarusian Oil Company has built long-term relations with terminals in Baltic Sea states. In particular, the company trades in petroleum produts on fob terms in accordance with long-term contracts.
At present the bulk of Belarusian petroleum exports is handled by BelOil. Apart from that, the company purchases around 100,000 tonnes of oil monthly. According to Nikolai Vasilevich, consolidation of Belarus’ entire oil export in Belarusian Oil Company is out of the question for now.
Belarusian Oil Company was registered in the Republic of Belarus on 17 May 2007. The shareholders are Belorusneft, Naftan, Mozyr Oil Refinery and Belarusian Oil Trading House. The company was set up following an instruction of the head of state with a view to optimizing oil purchases and the export of oil products. The company is tasked with bulk oil purchases, oil processing at Belarusian oil refineries, and the export of oil products. The first batch of products made by the company was traded using the electronic trade system of Belneftekhim concern on 29 June 2007. In 2008 BelOil consolidated most of the exports made by Belarusian oil refineries.