Net Profit Of Mazyr Oil Refinery Dereases By 38 Times In One Year

The financial results of the enterprise appear shocking.

The Mazyr Oil Refinery earned a net profit of BYN 3.9 million in 2018, according to financial statements published by the enterprise. This is reported by Belsat.

Compared with 2017, the net profit of the enterprise has decreased by 38.5 times. Two years ago, the refinery earned more than BYN 150 million.

According to the said financial statements, the refinery's revenue from product sales last year increased by 40.2%. At the same time, the production cost increased by 46.8%.

Last year, the Belneftekhim concern repeatedly reported that an increase in the input price for oil (against the background of state regulation of fuel prices in the domestic market) negatively affects the financial position of oil refineries. In this regard, the concern initiated a gradual increase in the prices of petroleum products in the domestic market.

This week, Deputy Director General of the Mazyr Oil Refinery Aleh Pratasau refused to comment on the financial results of the enterprise, on the sidelines of the international conference “Oil and Gas Markets of Central and Eastern Europe”.

During the conference itself, he said that as a result of the current modernization, the refinery plans to increase the depth of oil refining from the current 74-78% to 90%.

“Naturally, we understand that the cost of input oil will increase due to the tax maneuver. To be competitive in the new conditions, we are modernizing,” Pratasau noted.