Effective and carefully thought-out policy results in profitable payments
Ministry of Finance announced the most profitable enterprises of the country
By Yevgeny Konovalov
According to the chief financial institution of Belarus, during the first six months of the year, the top ten included oil industry workers, miners, and machine builders. The most profitable joint company of Belarus is Naftan, the net profit of the company from January to June totals Br1.3 trillion.
The second place was firmly held by the Mozyr Oil Refinery. It is interesting that Belaruskali, which by the end of the first quarter was not even in the top five, of most profitable companies, had by June, gained third position.
“It is natural that our main export-oriented enterprises have significant margin and profit, which is remitted by the state in the form of tax for the use of subsoils or in the form of export duty,” said the Dean of the Economic Faculty of Belarusian State University, Professor Mikhail Kovalev. “At the same time, it should be noted that the profits of oil companies largely depend not only on the difference in prices for crude oil and petroleum products, but also on the size of the export duties. These are the main risks for domestic refineries. Russia, our partner in the Customs Union, must understand that it is better to export oil products to the West, rather than pump crude oil. On this basis, Russia could increase oil refining in Belarus, build a new refinery here and participate in the modernisation of our petrochemical industry.”
Belshina was fourth in the rankings, while the Development Bank closes the top five of the richest companies. The flagships of Belarusian engineering, MAZ and BelAZ, were also in the top ten. And, according to experts, if sales of dump trucks are affected by high world oil prices (the higher the prices, the more profitable it is to mine coal), MAZ will owe its success to the competent policy guidance of automobile production diversity. The experts also state that our competitors are not asleep, and that machine builders have to accept that competition in these markets will continue to grow.