Business news

MINSK, 10 February (BelTA) – In 2011-2015 the Belarusian petrochemical concern Belneftekhim increased its industrial output by 25%. The information was released by Belneftekhim Chairman Igor Lyashenko during the session of the concern’s board on 10 February. Deputy Prime Minister of Belarus Vladimir Semashko took part in the session, BelTA has learned.

The Belneftekhim head said that in 2011-2015 the concern’s development program was implemented in conditions of serious economic shocks. For the sake of keeping its competitive edge Belneftekhim went ahead with economic and technical modernization of its enterprises. The petrochemical industry management system was improved as well. The efforts were focused on better quality and higher competitive ability of Belneftekhim’s products in addition to enabling the conditions required to penetrate new promising markets, said Igor Lyashenko.

The main results achieved by the five-year program include a 25% increase in the industrial output coupled with an optimal level of stock in storage, balanced growth of labor productivity and salaries.

The petrochemical industry has provided a positive effect on the structure of the national economy. The industry’s share in the national industrial output is now close to 28%. The industry’s share in the country’s net profit stands at 46%. At the same time its share in the country’s total stock in storage went down to 8.1%, with the share in accounts receivable down to 6.5%.

Igor Lyashenko said: “For the entire five-year period the industry operated effectively. The profitability of sales in the concern’s industrial complex was at least 9%. Net profit was on the rise.”

Thanks to cost-saving measures Belneftekhim managed to save over Br4.7 trillion or $0.5 billion, which allowed reducing materials consumption by 10.6%, energy consumption by 11.6%, and import content by 11.7%.

In conditions of high volatility of the oil market and the currency market Belneftekhim managed to balance its foreign economic operations. Within the five years Belneftekhim increased the surplus of foreign merchandise trade by 2.4 times (from $1.9 billion in 2010 to $4.5 billion in 2015).