Interfax citing Mr Anatoly Filonov Belarusian Deputy Economy Minister as saying that, Belarus has agreed with Russia on the possibility of importing 21.7 million tonnes of oil in 2011.
He said that "We agreed with the Russian side on the possible delivery of 21.7 million tonnes of oil to Belarus in 2011, 18 million tonnes of that amount by pipelines. He added that unlike previous years the balance for 2011 is indicative, not binding."
He also said that the balance does not take into account oil deliveries from Venezuela.
Mr Filonov said "The balance also implies the delivery of 22.5 billion cubic meters of Russian natural gas in 2011. He said that the fuel balance of the union state is expected to be signed shortly after the finalization of the Russian energy balance. According to the Russian Central Dispatcher Department, Russian oil deliveries to Belarus in the first 11 months of 2010 dropped 43.1%YoY to 11.525 million tonnes."
The drop in imports can be accounted to a quota for duty-free oil deliveries in the amount of 6.3 million tonnes. On the rest of the shipments 100% export duty was slapped.
In line with interstate agreements as of 2011 Russia will be delivering all the oil to Belarus duty-free given the ratification of agreements on the Common Economic Space by Belarus.
(Sourced from Interfax)