Oil and gas to the fore
By Anna Kotova
The plans are envisaged by the 2011-2015 State Social and Economic Development Programme, approved by the Council of Ministers. The document reads that increasing export potential and raising the effectiveness of oil product sales are priorities for Belarus’ fuel and energy industry for the coming five years. Consolidated export flow through the Belarusian Oil Company is planned, in addition to raised wholesales to neighbouring countries. The transition from spot sales to long-term contracts based on pricing formulas, as well as co-operation with major transnational oil companies and the joining of new markets (bringing higher profits) are expected.
In the coming five years, extraction rates from existing oil fields are to be raised, with new oil fields at home and abroad developed. There are plans to increase oil output with the help of advanced technologies, while promoting co-operation with foreign countries in the area of oil extraction.
Measures will also focus on raising strategic energy stocks. With this in mind, Pribugskoye underground gas storage facility is to be expanded, while a new facility is to be built at Mozyrskoye.