Union off-season – Newspaper Kommersant No. 199 (7400) dated 10/26/2022
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According to Kommersant, the Russian Federation has found a way to support Belarusian refineries in the face of Western sanctions and the loss of the Ukrainian market. The Russian budget will subsidize the supplies of Belarusian fuel to the Russian Federation, which were previously unprofitable, at the expense of damper payments. The state-owned Promsyrieimport, according to Kommersant’s sources, has already begun selling Belarusian diesel fuel bought at high prices on the St. Additional supplies of frost-resistant diesel fuel are needed by the Russian Federation in the face of a possible shortage, but so far imports from Belarus are small.
“Kommersant” became aware of a possible scheme for the supply of fuel from Belarusian refineries to Russia, which resumed on October 10. According to Kommersant’s sources, fuel supplies from Belarus will be subsidized by budget payments for the damper.
The scheme, Kommersant’s interlocutors explain, will look like this: the Russian state-owned Promsyrieimport (owned by the Federal Property Management Agency) buys fuel at high prices at Belarusian refineries, then sells it on the Russian stock exchange SPbMTSB.
The difference in the price of the company is compensated from the budget.
The damper mechanism was invented in order to stabilize the cost of fuel in the domestic market during fluctuations in oil prices. As part of it, Russian refineries receive compensation, which is calculated as 65% of the difference between the export price and the indicative (fixed) domestic fuel price.
Promsyrieimport is already under US sanctions for supplying Iranian oil to Syria. It also acts as a wholesale supplier of fuel and gas to the Crimea. In September, Promsyrieimport, according to a government decree, was granted the right to sell gasoline and diesel fuel in the Russian Federation, which are produced by a “foreign organization”, as well as the right to apply for a damper. The Belarusian Belneftekhim, which owns the Novopolotsk and Mozyr refineries, falls under the criteria of a “foreign organization”.
According to one of Kommersant’s interlocutors, while the volume of deliveries from Belarusian refineries to Russia is small – about 8.5 thousand tons of off-season diesel fuel from October 10 to 24.
According to Petromarket, this is about 5% of the off-season diesel fuel sales on the exchange and about 1.5% of the total diesel fuel supplies for these days.
Damper payments for such a volume can amount to 200 million rubles. The Ministry of Finance forwarded the request to the Ministry of Energy, where Kommersant did not respond.
The fact that Moscow is discussing with Minsk the import of Belarusian fuel, Kommersant reported on September 9. Such deliveries have been minimal in recent years due to unprofitability, so the Russian authorities were looking for a way to subsidize them.
The Russian Federation decided to resume supplies from Belarus in the face of problems with sales of Belarusian refineries, which worsened after the cessation of fuel exports to Ukraine amid hostilities. Previously, Belarus provided 45% of total gasoline imports to Ukraine and 37% of diesel fuel imports – 1.04 million tons and 2.97 million tons.
Petromarket estimated the payments for the damper in the event that the entire volume of fuel that Belarus previously supplied to Ukraine is redirected to Russia at 5.5 billion rubles. for gasoline and 58 billion rubles. for diesel fuel.
Belarusian refining has suffered significantly due to Western sanctions – in April, the country’s authorities reported a halving of the load of local refineries. However, the situation is improving. “We have already increased the load on oil refining. In September, we processed about 380 thousand tons of oil. In October, Naftan plans to process about 570,000 tons of raw materials,” Naftan’s Bulletin quoted Andrey Soiko, general director of the enterprise. According to him, according to the results of three quarters of 2022, the plant “reached break-even work on an accrual basis.”
In October, Russia began importing off-season diesel fuel from Belarus against the backdrop of a possible shortage of frost-resistant varieties, as a result of which the cost of winter diesel fuel exceeded the mark of 73 thousand rubles at the beginning of this month. per ton.
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