Mazyr Oil Refinery Worked at $19 Million Loss in February

28.03.2011 15:45
Архив Редакция

Despite a full load capacity, Mazyr Oil Refinery incurred greater losses in February 2011 than in January 2011, a spokesman of a profile agency. "In February, Mazyr Oil Refinery worked at approximately $19 million loss, while in January the losses amounted to about $15 million," he said.

The source said that due to lack of contracts with Russian companies in January, Mazyr had about to reduce the load of their capacities by a third. «In February, the plant worked with absolute load and, as a result, processed over 900 tons of oil,» said representatives of relevant departments, PRIME-TASS.
He explained that «the deterioration of financial results in February was caused by a sharp rise in world oil prices, reduced profitability of petroleum products’ exports due to their rising domestic consumption.»

The source has explained that the sale of petroleum products in the domestic market means losing money for the refinery, despite the recent price increase. «Refineries have to continue to subsidize not only the domestic fuel market, but also petrochemical companies, which negatively affects the financial results of the processing facility,» he said.

Mazyr Oil Refinery processed 8.6 million tons of oil last year, and 10.95 million tons — in 2009.