The Importance of the Energy and Petroleum Industries for Belarus
The Importance of the Energy and Petroleum Industries for Belarus

Author(s): Anna Maria Dyner
Subject(s): National Economy, Governance, Environmental and Energy policy, International relations/trade, Economic development
Published by: PISM Polski Instytut Spraw Międzynarodowych
Keywords: Belarus; energy and petroleum industries; Belarusian economy; energy dependence on Russia; gas and crude oil; energy market;
Summary/Abstract: The energy and petroleum industries are the basis of the Belarusian economy. At the same time, the country’s almost total dependence on Russia is becoming a barrier to its own development, and the rising prices of Russian gas and crude oil may lead to a serious crisis in the state’s finances. Until 2024, when the gas contract with Russia and preferential oil purchase rules expire, the Belarusian authorities will have a few limited opportunities to develop energy cooperation with EU countries. However, if by that time the Belarusians do not conclude new favourable agreements with Russia, which does not want to subsidise Belarus to the extent it does now, Belarus increasingly will be interested in acquiring gas and oil from other countries.

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