On July 12, Minsk /Irina Aniskevich - BELTA/. Belarus and Venezuela have established a joint venture "Petroil VB, S.A." for the sale of Venezuelan oil processing products, the Belarusian Oil Company CJSC informed BELTA correspondent. The registration of the JV has been completed, with Belarus holding a 25% stake in the charter capital and Venezuela holding 75%. "The enterprise will commence oil product supplies in the near future," the Belarusian Oil Company noted. Venezuelan oil is supplied to Belarus under a customs territory regime, meaning 100% of the oil products produced from this oil are exported. Oil products obtained from processing the first batch of Venezuelan oil at the Mozyr Oil Refinery were mainly sold to Ukraine through the subsidiary company "BNK-Ukraine". An agreement on the supply of Venezuelan oil to Belarus was signed in March of the current year. In accordance with the agreements between the presidents of the two countries, the total volume of its supply is expected to be around 4 million tons over 12 months. The first batch of hydrocarbon feedstock from Venezuela (80 thousand tons) was delivered to the port of Odessa at the end of April of the current year. From Odessa, the oil was transported in railway tank cars to the Mozyr Oil Refinery. Its processing has been completed. Currently, three tankers with oil are en route. Two of them will be delivered via the port of Odessa, and one via the Estonian port of Muuga. -0-

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