In H1 2016 import of oil derivatives to Armenia grew by 9.3% versus H1 2015

ArmInfo. In H1 2016 versus H1  2015, the import of oil derivatives grew in quantitative terms by  9.3% (versus 7.5% decline in H1 2015) to 149.4 thsd tons. In value  terms, however, the indicator dropped by 8% to $90.8 mln (versus  34.8% decline in H1 2015). 

Following a continued fall in oil derivatives on the global market,  now oil prices are growing amid the little optimism inspired by the  Moscow-Riyadh agreement on possible joint steps towards market  stabilization, according to the Customs Service of Armenia. 

Over the period under review, export of oil derivatives fell twofold  in both quantitative and value terms. To note, in H1 2015 the export  experienced 2-fold decline in quantitative terms and 47% decline in  value terms. 

In H1 2016, the import of oil derivatives from Russia, Bulgaria,  Belgium, Greece, Iran, and Romania ranged between 6,000 to 10,000  tons; the import from Lithuania, the Netherlands and Germany ranged  from 202 to 273 thsd; the import from Turkey, Korea, the UK - from 95  to 100 tons; the import from Belarus, France and Poland ranged from  40 to 60 tons; the import from Sweden, Japan, the United States and  Singapore ranged from 15 to 38 tons. As regards exports, the supply  to Iran stopped, and the tiny amount fell on Russia. 

Armenia has no raw materials base of its own, but it has an  intergovernmental agreement with the Russian Federation regarding  duty-free supplies of oil derivatives. In 2016, according to the new  indicative balance, Russia will supply 136 thsd tons of duty-free  petroleum to Armenia, including 120 thsd tons of Russian-made  petroleum. In addition, Armenia will receive 150 thsd tons of  Russian-made diesel fuel (including 120 thsd tons of Russian-made  diesel fuel), 47 thsd tons of fuel for jet engines, (including 8 thsd  tons of Russian-made fuel), as well as 200 thsd tons of Russian-made  paraffin oil. 

The indicative balance is approved for each year in compliance with  the Armenian-Russian intergovernmental agreement dated 2 Dec 2013,  which implies no re-export.