Yaraslau Ramanchuk: Only “not simple” Belarusians will get out of Venezuelan oil

• 29.10.2007, 18:18

“The recently created joint Belarusian-Venezuelan venture is likely to extract oil this year already. But it won’t affect the Belarusian economy – it is impossible to stop the increase of energy supplies prices in this way. It won’t give the additional budget revenue - there is no such budget line”, - Yaraslau Ramanchuk, head of the Mises Research Center said commenting to Charter’97 press center the information about Belarus’s plans to start oil extract ion in Venezuela by the end of 2007.

According to the expert, there are no reasons to think that Belarusian-Venezuelan joint venture has been created on a “legal” scheme.

“With high degree of certainty we can say that money from this oil output and selling will go to somebody’s pockets. Now there only exists the information that the joint oil-extracting venture is being created with the participation of the Republican Unitary Enterprise Production Association “Belorusneft” and Venezuela State Oil Company PDVSA. But what is the exact number of the participants and who they are - this information can be confirmed or denied only by Hugo Chavez, and he is a great friend of Lukashenka, as it is known. So we hardly can know who profit over the enterprise, but for sure, not the simple Belarusians”, - Ramanchuk said.

It should be reminded that 29 October state agency BelTA referring to Mikhail Asipenka, Deputy Chairman of the concern Belneftekhim, gave the information that Belarus starts extracting oil in Venezuela before 2007 is out.

According to Asipenka, “A joint venture is to be set up using the existing wells in Venezuela, its aim is to start oil extraction by the end of the year”.

M. Asipenka also said that the joint oil-extracting venture will be created with the participation of Production Association “Belorusneft” and Venezuelan state oil company PDVSA. Initially the oil extracted by the joint venture will be sold to PDVSA.