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THE ESSENTIAL
Energy industry investors promised taxation preferences in Belarus

In Belarus energy industry investors will be offered taxation preferences, First Vice Premier of Belarus Vladimir Semashko said at the IV international investment forum in Mogilev on October 9. In his words, the government has prepared two new energy industry bills meant to encourage investments into the industry. They grant taxation preferences for up to 7 years. Investors are expected to recoup their money within five years and use the remaining two years to develop their companies, said Vladimir Semashko.

 

BELARUS, IRAN TO SPEED UP JOFEYR DEPOSIT DEVELOPMENT

Belarus expects Iran to take more active steps for implementing joint projects, Prime Minister of Belarus Sergei Sidorsky said as he met with Ali-Akbar Mehrabian, Minister of Industry and Mines of Iran, on May 21. According to Sergei Sidorsky, Iran and Belarus should more actively get down to implementing the achieved agreements. “Following an instruction of the President of Belarus, while choosing a partner we chose Iranian business. Which is why we count on the same relations with the Iranian side, in particular, for developing the oil field Jofeyr,” stressed the Prime Minister.

Sergei Sidorsky also reminded, there is an intention to accomplish projects for manufacturing cars in Belarus and for manufacturing trucks in Iran. Several Iranian companies have expressed their desire to partake in developing logistics in Belarus, in particular, in free economic zone Minsk. There is also interest in cooperation for the reconstruction of the National Airport Minsk and the construction of a hotel complex. Construction of a hydropower plant in Grodno is one of the promising major power engineering projects.

The Prime Minister stressed, “It is time to determine the time for implementing projects both in Iran and in Belarus. The Belarusian head of Government also remarked, in May Belarus is ready to invest in the oil field in Iran and is very much interested in accomplishing the project without delays. Sergei Sidorsky assured, the Belarusian government does its best to accomplish all planned projects on time.

All in all, Belarusian-Iranian cooperation has a good base, he underscored.

In turn, Ali-Akbar Mehrabian underlined, the visit of the Iranian delegation to Belarus will give a boost to the implementation of the previously reached agreements. On May 21 Iranian specialists had already held talks with Industry Minister of Belarus Anatoly Rusetsky, had defined impeding factors and problems.

In January-March 2008 Belarus-Iran trade turnover totalled $15.8 million, 30.3% up on the same period of last year. The export amounted to $13.8 million, import — $2 million. Last year Belarus exported to Iran mainly such products as synthetic fibres, rock haulers, potash fertilisers, cord fabrics, machine tools and accessories, bearings and other merchandise. Belarus imported from Iran mainly such products as components for the enterprise for assembling Samand cars, food, plastic products and medical goods.

Iran Khodro has increased its stake in the Belarusian-Iranian joint venture Unison, Ali-Akbar Mehrabian, Minister of Industry and Mines of Iran, told reporters on May 21. The Iranian company has purchased some part of shares of the joint venture. On May 21 Unison will officially launch the body and paint shops.

Iran Khodro was founded in 1962. Today it is Iran’s biggest producer of cars, buses and vans. The company accounts for 70% of the national output of vehicles. Iran Khodro is a partner of the joint venture Unison which assembles the Samand cars. In 2007, Unison assembled 300 units. The annual output is projected to increase to 60,000 units.

Belorusneft is set to speed up the implementation of a project on development of Jofeyr oil deposit in Iran, Ali-Akbar Mehrabian, Minister of Industry and Mines of Iran, told reporters on May 21.

“We have agreed upon accelerating the implementation of the oil project in Iran,” Mr. Ali-Akbar Mehrabian said. At the same time he noted that at first the project had to be approved by the Iranian economic commission and assured that it would be done in the near future.

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NEWS
Regions reveal Belarus-Russia cooperation potential

On October 7, Deputy Prime Minister of Belarus Andrei Kobyakov and First Deputy Chairman of Government of the Russian Federation Igor Shuvalov met in the Brest oblast to discuss the issues of further development of the trade and economic relations between Belarus and Russia.

 
Belarus, Ukraine to set up joint ventures in engineering industry

In the near future Belarus and Ukraine intend to set up joint ventures in the engineering industry, First Deputy Prime Minister of Belarus Vladimir Semashko told reporters after the 15th session of the Belarus-Ukraine Intergovernmental Commission for Trade and Economic Cooperation in Kiev on October 7.

Meeting of the Council of Ministers of the Union State

Belarus and Russia should coordinate their efforts in the economic area in the conditions of the global financial crisis, Prime Minister of Belarus Sergei Sidorsky said as he met with Russian Premier Vladimir Putin in the run-up to the session of the Union State Council of Ministers.

 
Trade between Belarus and Ukraine to exceed $5bln in 2008

In 2008, the trade between Belarus and Ukraine will exceed $5 billion, First Deputy Prime Minister of Belarus Vladimir Semashko said. The First Vice Premier is the head of the Belarusian delegation at the 15th session of the Intergovernmental Belarusian-Ukrainian Commission for Trade and Economic Cooperation which is being held in Kiev on October 6-7.

 
Belarus is ready to carry out big projects with participation of European Bank for Reconstruction and Development

Belarus is ready to carry out big projects with the participation of the European Bank for Reconstruction and Development (EBRD), Belarusian Prime Minister Sergei Sidorsky noted during his meeting with Varel Freeman, the EBRD First Vice President.

Austrian capital participates in many key projects in Belarus

Many major projects in Belarus are implemented with the participation of Austrian capital and technologies, Deputy Prime Minister of Belarus Andrei Kobyakov said as he met with Johann Zaks, Director General for Foreign Trade Issues of the Federal Ministry of Economics and Labour of Austria, co-chairman of the Belarusian-Austrian committee on trade and economic cooperation in Minsk on October 2.

Biofuel to be produced in all regions of Belarus

Enterprises producing biofuel will be set up in all the regions of Belarus, Belarusian Prime Minister Sergei Sidorsky told reporters.

Belarus downs export oil duty October 1

On October 1, 2008, Belarus will down the crude oil export duty from $495.9 to $372.2 per tonne. The Council of Ministers issued relevant resolution No 1426 of September 27.

 
Belarusian business and expo centre to open in Kazakhstan

A multifunctional trade and logistics centre as well as administration and business and expo centres of the Republic of Belarus will open in Kazakhstan. Their opening was discussed at the fifth session of the Belarusian-Kazakh trade and economic cooperation commission in Astana. The Belarusian delegation was led by Deputy Prime Minister Ivan Bambiza, the Kazakh delegation — Emergencies Minister Vladimir Bozhko, the press service of the Foreign Ministry told BelTA.

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