Belarus strikes deal with Iran on oil purchase

Belarus strikes deal with Iran on oil purchase
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Beloil, a Belarusian oil company, concluded a contract with the national Iranian Oil Company (NIOC) on the purchase of 80,000 tons of crude oil for the country’s oil refineries.

This move follows Russia’s decision to cut volumes of oil supplies to Belarus.

As Reuters reports today, this is the first deal of such kind between the state corporations of the two countries. Delivery of black gold will start over the course of the week, through the seaport in the city of Odessa on the Black Sea or through Baltiyskyi town via railway.

According to experts, at the first, such deliveries will be cheaper for Belarus, than debt repayment totaling $550 million for Russian gas. However, in a short term, Belarus will sustain considerable losses.