English

Oil refineries will start operating at full capacity in October, first deputy prime minister says

Belarus' oil refineries will start operating at full capacity in October, Belarusian First Deputy Prime Minister Syarhey Syamashka told reporters in Minsk on September 30 following a meeting of the interstate commission for trade and economic cooperation, as quoted by BelaPAN.

The signing of an interstate agreement on assistance to the transit of crude oil via Ukraine has helped boost the processing of oil in Belarus, Mr. Syamashka said.

The commission discussed a number of issues relating to bilateral cooperation and agreed upon a set of measures to increase it, he said. In particular, the two countries plan to work more actively to establish joint venture companies in order to make competitive products for not only domestic but also foreign customers, Mr. Syamashka said.

Belarus and Ukraine have also devised a project for Belarusian equipment to be supplied to Ukraine under leasing arrangements, he said.

Bilateral trade increased by 46.6 percent year-on-year in the first seven months of 2010, Mr. Syamashka noted.

Trade and economic relations between the two countries are very dynamic, said Ukraine's first deputy prime minister, Andriy Klyuyev. Bilateral trade is projected to exceed the pre-crisis level of $4.9 billion this year and reach $7 billion in the future, Mr. Klyuyev said. The current priority is to carry out projects more actively and create more favorable conditions for Belarusian investors in Ukraine and vice versa, he said.