Belarus, Venezuela launch joint oil transfer venture

Belarus and Venezuela have launched a joint venture to organize the delivery of Venezuelan oil to Belarus, a source from the Belarusian Oil Company said on Tuesday.

He said that the Belarusian Oil Company and Petroleos de Venezuela state-owned company organized the venture.

"Belarus owns 25% and Venezuela 75%," he said.

Minsk and Caracas agreed on the supplies of Venezuelan oil to Belarus in March, shortly after Belarus's brief dispute over oil supplies with Russia.

Venezuelan oil is delivered by tankers to the Ukrainian port of Odessa and is transported by railroad through Ukraine to Belarus.

The first delivery of 4,400 metric tons (32,000 barrels) of crude was taken by railway to the Mozyr refinery in Belarus in early May.

Belarus, which has little hydrocarbon resources and depends on fuel supplies from Russia, plans to buy 4 million metric tons of Venezuelan oil in 2010 and 10 million metric tons in 2011.

MINSK, July 13 (RIA Novosti)


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