ARMENIA CUTS OIL-PRODUCT IMPORTS 14% IN 2009

Interfax
Feb 8 2010
Russia

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.