Belarus Has Accumulated A Debt Of $1.39 Billion For Venezuelan Oil
14- 1.02.2026, 15:34
- 10,838
The Venezuelan side was offered a part of the Belarusian company's stake for repayment.
In 2010-2012 Belarus signed contracts to buy oil from Venezuela for 9,269,719 tons worth $7.57 billion, "Euroradio" reports.
The contracts between the Belarusian Oil Company and PDVSA Petroi SA provided for special terms of payment: Belarus was obliged to pay 80% of the cost no later than 35 calendar days from the date of issuance of the carrier's receipt of acceptance of the cargo.
The remaining 20% was to be accumulated in the form of a debt obligation of the Belarusian oil company to the supplier. As one of the forms of debt repayment, the Venezuelan side was offered a part of a block of shares in the Belarusian company.
The Belarusian side assumed that Venezuela would not demand repayment of the 20% debt, and this amount would be a help to Belarus from the "generous people of the brotherly power". However, Venezuela constantly raised the issue of debt repayment.
Belarus could buy oil on more favorable terms from other countries, then each ton of oil would cost $52 cheaper in 2010 and $54 cheaper in 2011.
But only on 29 tanker shipments from Venezuela in 2010 Belarus overpaid more than $117 million, and in 2011 the overpayment amounted to almost $259 million.
In 2012, the Belarusian side realized that it was overpaying and bought only four tanker shipments. And since May 2012, it suspended purchases of Venezuelan oil.
The assessment of the work of Belarusian refineries on Venezuelan oil showed that the enterprises worked "at zero" without taking into account the 20% debt. In full settlement of the debt, the Venezuelan deal would have brought significant losses.
Attempts to resolve the issues
In 2014, Venezuela recalled the debt and sent a proposal for its repayment during 2015-2017 in equal annual installments. The possibility of transferring debt repayment obligations to third parties was also considered.
Belarus continued to insist on the expediency of reaching an agreement that the Venezuelan side would not demand repayment of the debt and the said amount would become aid.
What the bottom line is
For 2010-2012, total oil purchases under the contracts amounted to 9,269,719 tons with a total value of $7.57 billion.
Belarus' total debt for the 20 percent portion of the total oil supplied is currently $1,390,090,537.
In order not to reflect the real financial result, the debt on Venezuelan oil was transferred to the account of CJSC Belarusian Oil Company.
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