BELARUS NEWS AND ANALYSIS
DATE:
20/01/2010
Belarus cuts overdue debt for Russian gas 61pct in November
Interfax reported that Belarus overdue debt for Russian gas fell 61.6% to BYR 128.2 billion Belarusian in November.
Belarus had reduced the overdue debt for gas by 27.7% in October. Including amounts owed by domestic consumers, the overdue debt totaled BYR 296.3 billion as of December 1st.
Belarus imported 15.4 billion cubic meters of natural gas in January to November 2009 19.9% less than in the same period of 2008. It paid USD 151 per 1,000 cubic meters on average in the 11 months, 19.2% more. In other words, Belarus spent USD 2.325 billion for gas imports in January to November compared with USD 2.279 billion in the first 11 months of 2008.
Belarus had no overdue debt for gas as of January 1st 2009.
Belarus' overdue gas debt accumulated because Belarus paid for gas at an average annual rate of USD 150 per 1,000 cubic meters, while the actual price of the gas varied quarterly from USD 213 per 1,000 cubic meters in the first quarter falling to USD 115 in the Q3 in line with the decline in the oil price benchmarks used in the gas price formula.
Belarus has said it would extinguish the debt by the end of the year by continuing to pay for gas at the average annual rate in the fourth quarter and conducting a final settlement.
(Sourced from Interfax)
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