Ukraine in 2020 increased import of crude oil (according to foreign trade activity code 2709) 1.6-fold (by 454,959 tonnes) compared to the same period in 2019, to 1.246 million tonnes.
According to the State Fiscal Service, in 2020, crude oil was imported for $409.167 million, which is 1.5% less than a year earlier ($431.735 million).
Some crude oil for $265.076 million came from Azerbaijan (the share is 64.78%), the United States for $98.445 million (24.06%), Libya for $45.555 million (11.13%) and other countries for $0.091 million (0.02%).
The export of crude oil by Ukraine in 2020 amounted to 80,000 tonnes for $24.351 million. Oil was exported to Belarus by Ukrtransnafta, which in the spring of 2020 bought Azerbaijani oil when the prices fell with its subsequent sale to its subsidiary BNK.
In 2019, Ukraine did not export oil.
Ukraine could start creating minimum crude oil and fuel stocks by the end of 2019, Head of the State Reserve Agency Vadym Mosiychuk has said.
“Earlier we have received a draft resolution of the Cabinet of Ministers on the approval of the concept of minimum reserves of crude oil and petroleum products approved by the Ministry of Economic Development and Trade. The next step would be to approve by the profile authorities and submit it to the Cabinet of Ministers. This opens the way for the Verkhovna Rada to adopt the bill on minimum stocks of crude oil and petroleum products as soon as possible and will allow, under the best scenario, to begin work on the accumulation already at the end of 2019,” the press service said, quoting the words of the head of department.
The State Reserve also said that they have begun a point modernization of the oil infrastructure, and after adopting the model for minimum reserves of crude oil and petroleum products they will negotiate with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) about a loan for large-scale modernization.