Belarus and Russia plan to extend agreement on cooperation in oil industry

The governments of the Russian Federation and Belarus plan to extend the agreement on cooperation in the oil industry until December 31, 2026. This follows from the officially published order of the government of the Russian Federation dated November 22, 2024, BELTA reports.

According to the document, the Ministry of Energy of Russia has been instructed to hold negotiations with the Belarusian side with the participation of the Ministry of Foreign Affairs of the Russian Federation and, upon reaching an agreement, to sign the relevant protocol on behalf of the government of the Russian Federation, allowing for changes to the draft that are not of a fundamental nature.

The Protocol on Amendments to the Agreement between the Government of the Russian Federation and the Government of the Republic of Belarus on Measures to Regulate Trade and Economic Cooperation in the Field of Oil and Oil Product Exports was adopted on January 12, 2007.

The draft notes that the governments of Russia and Belarus, "seeking to develop and deepen mutually beneficial cooperation in the field of oil and oil product supplies," have agreed to amend the agreement and extend it until December 31, 2026, "after which it will be automatically extended for subsequent annual periods unless either party notifies the other party three months before the expiration of the next annual period of its intention to terminate this agreement." The protocol on amendments will enter into force on the date of receipt of the last written notification of the parties' completion of the necessary domestic procedures.