8 Feb 2010 15:13

Armenia cuts oil-product imports 14% in 2009

YEREVAN. Feb 8 (Interfax) - Oil product imports into Armenia in 2009 were down 14% from 2008 at 344,510 tonnes, the country's annual customs service report said.

Armenia imported product with customs value of $237,930, versus $373,740 in 2008 (down 36.4%).

Musher Elchyan, deputy director of Armenia's biggest oil trader Flash, told Interfax that a drop in oil-product use last year was prompted by the impact of the world economic crisis. In particular, the drop in fuel usage was largely due to a drop in construction. Many oil-trading companies serve the construction sector, including road-building companies.

The more significant decrease in imports in monetary terms as opposed to physical volume was prompted by oil-product prices slumping in 2009, Elchyan said

Armenia does not have its own oil refining capacity and so consumes only imported fuel.