Belarus Refineries Post Decade-High Profits Amid Russia's Fuel Crisis

Belarusian refineries delivered what Pozirk described as decade-high profitability in 2026 as record volumes of gasoline and diesel flowed into Russia amid that countrys refining disruption. The state-owned holding Belneftekhim said improved demand in eastern foreign markets and the activation of reserve capacity in June and July, allowing continuous operations, were key contributors to the results. Trade data show a sharp jump in fuel flows across the border. Over the first seven months of 2026, Belarusian gasoline shipments to Russia rose 25-fold from the same period in 2025 to nearly 665,000 tons, while diesel deliveries climbed about sevenfold to roughly 418,000 tons. Pozirk noted a slightly different tally for the first six months, reporting gasoline at 453,000 tons (a 20-fold rise) and diesel at 256,000 tons (a fivefold increase). July alone moved 212,000 tons of gasoline by rail (up 13% from June) and about 162,000 tons of diesel, double Junes volume. The surge followed a substantial drop in Russian refining output after Ukrainian drone strikes, which analysts and outlets said left a large shortfall. Russian refining ran near 4 million barrels per day in August, down from a pre-crisis baseline of 5.35.5 million barrels per day, a decline of roughly 25% to 30%, according to The Insider. The shortage contributed to fuel scarcity at filling stations, prompted regional purchase limits after closures such as the Orsk refinery, and led Russia to source gasoline from countries including India, Kazakhstan and Morocco while extending a ban on diesel exports through the end of September. Belaruss Naftan and Mozyr refineries have handled much of the extra throughput on a tolling basis, refining Russian crude destined for the Russian market, with combined capacity of about 24 million tons a year, Interfax reported. Pozirk did not publish specific profit figures or a year-on-year breakdown for Belneftekhims refining arm, and independent audited financial statements for 2026 have not been released, making the "decade-high" description an internal assessment relayed by an independent outlet rather than a figure supported by public audited data.