Tuesday, March 14 2017 17:35
Alina Hovhannisyan

Volume of oil products imports to Armenia increased by 6.8% in 2016 with a 7% decline value

Volume of oil products imports to Armenia increased by 6.8% in 2016  with a 7% decline value

ArmInfo. The volume of imports  of oil products to Armenia increased by 6.8% in 2016 to 318.2  thousand tons, with a 7% decline in value up to $ 198.5 million. This  trend is caused by a prolonged sharp decline in prices in the world  market of petroleum products. This is evidenced by the data of the  Customs Service of Armenia.

According to the source, in the reporting year, 243 kg of oil  products were exported for $ 3 million. In quantitative terms,  exports of oil products in 2016 were halved, and in value terms, by  98.1%.

Basically, oil products are imported from Russia (72.4%), Iran  (4.2%), Romania (3.5%), Greece (2.7%), Saudi Arabia (2.2%). The  export of oil products from Armenia mainly falls to Georgia - 97%,  and to a small extent to Poland - 2% and Russia - 1%.

The situation with the export of oil products from Armenia cannot but  cause interest, since the country does not have its own raw materials  base, but there is an intergovernmental agreement with the Russian  Federation on duty-free supplies of petroleum products.

In 2017, within the new indicative balance sheet, the republic will  receive 148,000 tons of motor gasoline, of which 123,000 tons are  produced in Russia. In addition, it is planned to receive 153  thousand tons of diesel fuel (123 thousand tons of Russian  production), 44.6 thousand tons of jet fuel (12.6 thousand tons of  Russian production), and 2 thousand tons of paraffin (completely  Russian production). 

To note, the indicative balance for each year is approved in  accordance with the Armenian-Russian intergovernmental agreement of  December 2, 2013, which does not provide re-export of products. The  growth of world oil supplies is still ahead of the increase in  demand, which, according to the famous Italian analyst, Harvard  University professor Leonardo Moderi, can cause a new drop in fuel  prices. "It's too early to talk about any improvements", the  Financial Times quotes him as saying: "If in 2017 we do not see  growth in demand, oil prices may experience a significant decline".  Oil fell in price by 9% last week, although before that it was  trading in a rather narrow corridor. Previously, investors generally  ignored the news about the growth of reserves and production in the  US and focused on reducing production in the OPEC countries.  According to L. Mogeri, the US received the greatest benefit from the  OPEC agreement on the limitation of production. The agreement led to  a rise in prices, and companies producing oil in the shale deposits  in the States were able to restore their business. However, in  addition to the United States, there are other major projects in the  world that have been put into operation recently or will be working  soon, the expert says.

POST A COMMENT
Input digits     


News
Advantages of franchising discussed in Armenia with Acba Bank`s  participation Advantages of franchising discussed in Armenia with Acba Bank`s  participation 
Czech Republic to assist modernization of Yerevan metro Czech Republic to assist modernization of Yerevan metro 
Wine output records 32.6% y/y decline in Jan-May Wine output records 32.6% y/y decline in Jan-May 
ICC NCA to assist organization of WCIT2024 in Armenia ICC NCA to assist organization of WCIT2024 in Armenia 
New social vulnerability assessment system to be introduced in  Armenia New social vulnerability assessment system to be introduced in  Armenia 
Armenia`s government to provide AMD 2.2bln to construction  organizations Armenia`s government to provide AMD 2.2bln to construction  organizations 
AMD 4․046․161  to the Strong Mind NGO. July`s beneficiary is the SIA Armenia programAMD 4․046․161 to the Strong Mind NGO. July`s beneficiary is the SIA Armenia program
Wine-filled days of DILIJAN WINE FEST 2024 will take place on August 3 and 4Wine-filled days of DILIJAN WINE FEST 2024 will take place on August 3 and 4
Ardshinbank was again Named Best in Two Categories by Asian Banking & Finance MagazineArdshinbank was again Named Best in Two Categories by Asian Banking & Finance Magazine
Some 20,000 Nagorno-Karabakh Armenians employed in Armenia - official Some 20,000 Nagorno-Karabakh Armenians employed in Armenia - official 
China Southern Airlines launches Urumqi - Yerevan - Urumqi flights China Southern Airlines launches Urumqi - Yerevan - Urumqi flights 
Get 3000 idcoins by synchronizing your Idram and IDBank accountsGet 3000 idcoins by synchronizing your Idram and IDBank accounts
Armenia`s involvement in regional projects emphasized Armenia`s involvement in regional projects emphasized 
Armenian Airlines launches Yerevan-Ufa-Yerevan flightArmenian Airlines launches Yerevan-Ufa-Yerevan flight
Unemployment up in Armenia Unemployment up in Armenia 
Armenia`s economy vulnerable to external shocks - EFSDArmenia`s economy vulnerable to external shocks - EFSD
EAEU Industrial Council considers robotics development programme EAEU Industrial Council considers robotics development programme 
Smart Place: smart solutions for comfort and energy-savingSmart Place: smart solutions for comfort and energy-saving
Russia among Armenia`s major trade partners - Gevorg Papoyan  Russia among Armenia`s major trade partners - Gevorg Papoyan  
Armenia, UAE discuss possibilities of agricultural cooperation Armenia, UAE discuss possibilities of agricultural cooperation 
Expert on `blank spots` of budget planning in Armenia Expert on `blank spots` of budget planning in Armenia 
Armenia`s economy minister to take part in 6th meeting of EAEU  Industrial Policy CouncilArmenia`s economy minister to take part in 6th meeting of EAEU  Industrial Policy Council
No payment via Idram? More than 21,000 points of sale accept payment via IdramNo payment via Idram? More than 21,000 points of sale accept payment via Idram
<Gazprom Armenia> will conduct a survey of underground gas pipelines  with a total length of over 335 km will conduct a survey of underground gas pipelines  with a total length of over 335 km
WB to issue grant to Armenia for environmental protection programmes WB to issue grant to Armenia for environmental protection programmes 
JFPR to issue $3mln grant to improve rural household resilience JFPR to issue $3mln grant to improve rural household resilience 
EBRD to issue EUR 2mln grantfor Syunik customs center  EBRD to issue EUR 2mln grantfor Syunik customs center  
Armenia, Georgia discuss possible implementation of regional  high-tech projects Armenia, Georgia discuss possible implementation of regional  high-tech projects 
Ameriabank and COAF Pool Efforts to Develop Beekeeping in Lori RegionAmeriabank and COAF Pool Efforts to Develop Beekeeping in Lori Region
Deputy Minister of Economy: 58% of Armenia`s agro-food products are  exported to Russian marketDeputy Minister of Economy: 58% of Armenia`s agro-food products are  exported to Russian market
Armenia`s scores are the worst in the Energy Transition Index for the  last decade: LUYS FoundationArmenia`s scores are the worst in the Energy Transition Index for the  last decade: LUYS Foundation
Features of Armenian offshore: SRC assesses lossesFeatures of Armenian offshore: SRC assesses losses
Trend of shadow economy is reducing; Rustam Badasyan assuresTrend of shadow economy is reducing; Rustam Badasyan assures
Tax revenues on schedule in Armenia Tax revenues on schedule in Armenia 
Ball is in US court - Armen Grigoryan on NPP construction Ball is in US court - Armen Grigoryan on NPP construction 
The construction of the Pullman International Hotel complex in Armenia will cost 100 million US dollarsThe construction of the Pullman International Hotel complex in Armenia will cost 100 million US dollars
World Bank does not change Armenia`s status as upper-middle-income  countryWorld Bank does not change Armenia`s status as upper-middle-income  country
Armenian banks` delegation visits OVIO Data Processing CenterArmenian banks` delegation visits OVIO Data Processing Center
In-country tourism recorded 20% average annual growth since 2020 In-country tourism recorded 20% average annual growth since 2020 
Araratbank allocates $10 million in funding to women entrepreneursAraratbank allocates $10 million in funding to women entrepreneurs
State Revenue Committee reminds taxpayers of tax bill deadline State Revenue Committee reminds taxpayers of tax bill deadline 
Powers of Armenia`s Economic Competition Protection Commission to be  expanded Powers of Armenia`s Economic Competition Protection Commission to be  expanded 
Viva-MTS announces rebranding Viva-MTS announces rebranding 
Opinion: project to operate Chabahar port  in medium term will  increase Armenia`s transit capacityOpinion: project to operate Chabahar port  in medium term will  increase Armenia`s transit capacity
Based on preliminary estimates, construction of Ajapnyak metro  station will be completed by 2030-2032Based on preliminary estimates, construction of Ajapnyak metro  station will be completed by 2030-2032
Armenia takes over BSEC chairmanshipArmenia takes over BSEC chairmanship
Outage continues at ANPPOutage continues at ANPP
WB provides $110 million loan to support Enabling Universal Health  Coverage Program for ArmeniaWB provides $110 million loan to support Enabling Universal Health  Coverage Program for Armenia
Wizz Air launches Budapest-Yerevan-Budapest flights Wizz Air launches Budapest-Yerevan-Budapest flights 
Armenia sincerely committed to finalizing negotiations and signing  peace agreement within one month - Vahan KostanyanArmenia sincerely committed to finalizing negotiations and signing  peace agreement within one month - Vahan Kostanyan
New Golden Palace hotel owner allowed to re-mortgage hotel New Golden Palace hotel owner allowed to re-mortgage hotel 
Share of domestic debt exceeds 50% in Armenia`s public debt - expert Share of domestic debt exceeds 50% in Armenia`s public debt - expert 
AMD 1.2 billion bonds of AMD 1.2 billion bonds of "Pharm Credit Armenia" UCO CC have been  listed at Armenia Securities Exchange
Araratbank to pay 26.7% dividends per nominal share  Araratbank to pay 26.7% dividends per nominal share  
Armenian winemakers participate in Vinexpo New-York 2024 for the  first timeArmenian winemakers participate in Vinexpo New-York 2024 for the  first time
North-South road corridor of double importance for ArmeniaNorth-South road corridor of double importance for Armenia
No serious progress in construction of new underground station No serious progress in construction of new underground station 
EDB could invest $500mln projects in Armenia - Denis IlyinEDB could invest $500mln projects in Armenia - Denis Ilyin
The Moody s international rating agency has upgraded IDBank s ratingThe Moody s international rating agency has upgraded IDBank s rating
Slower tax collection rate could affect budget performance - Luys  Foundation Slower tax collection rate could affect budget performance - Luys  Foundation 
Read more
Exchange rates
15.07.2024
RUB4.420.01
USD387.81-0.19
EUR423.140.61
GBP503.380.49
CAD284.19-0.77
JPY24.550.17
CNY53.40-0.10
CHF433.890.81