New oil processing development strategy in the near future

It is important to overcome the recession in oil processing, Belarus President Alexander Lukashenko said at the government session to discuss the strategy to develop this industry. Oil processing accounts for more than 13% of the country’s industrial output and about 17% of Belarus’ export. Huge funds have been invested in the improvement and modernization of the oil refineries. Still there is no proper outcome. Alexander Lukashenko urged to work out a plan of action to help the oil refiners overcome the difficulties they are facing. Oil processing depends on global prices as well. The main exporters of Belarus’ oil products are the European Union, Ukraine and Russia. It is necessary to accelerate the modernization of the industry. The technological upgrade will contribute to the quality of products and improve the economy.