The Government of Belarus temporarily freed the country's refineries from mandatory sale of 30% of foreign exchange earnings. According to a source in the Belarusian oil refining industry, the government approval will be valid in the second quarter 2011.
The State Concern Belneftekhim and National Bank of Belarus haven’t yet officially confirmed this information.
As Telegraf previously reported, the Belarusian refineries’ board asked the Council of Ministers of Belarus to call off the mandatory sale of 30% of foreign exchange earnings, which, according to the Belarusian legislation, all exporters are obliged to sell on Currency and Stock Exchange of the country. Administration of the enterprises referred to the difficult financial situation, triggered by the rise in the world oil prices, as well as to the changes in the conditions of Russian oil imports, including a high premium price to Russian oil workers in 2011.
Based on materials of Prime-Tass
