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

Belarusian oil refineries recorded their highest profitability in a decade in 2026, according to the independent Pozirk news agency, as Russia's refining crisis pushed record volumes of gasoline and diesel across the border. Belneftekhim head Ilya Ikan credited the results to "favorable conditions in foreign markets, primarily in the eastern direction," adding that reserve capacity came online for round-the-clock operations in June and July.Belarusian gasoline shipments to Russia rose 25-fold over the first seven months of 2026 compared with the same period in 2025, reaching nearly 665,000 tons, Reuters trade data show; diesel deliveries climbed roughly sevenfold to about 418,000 tons. Over the first six months alone, gasoline shipments were up 20-fold to 453,000 tons and diesel fivefold to 256,000 tons, according to Pozirk, accounting for the lower figure some outlets cite. July alone carried 212,000 tons of gasoline by rail, up 13% from June, and 162,000 tons of diesel, double the June volume.Ukrainian drone strikes cut Russian refining capacity, opening the shortage Belarus is filling. Russian refining output ran near 4 million barrels a day in August, down from a pre-crisis baseline of 5.3 million to 5.5 million barrels a day, a 25% to 30% shortfall, The Insider reported August 31. Fuel was available at fewer than a third of the country's gas stations by mid-August, with purchase limits reinstated in at least a dozen regions after the Orsk refinery shut down. Russia also imported gasoline from India, Kazakhstan and Morocco during the shortfall, Reuters reported, and renewed its ban on diesel exports through the end of September to protect domestic supply.Belarus's Naftan and Mozyr refineries process the added volume on a tolling basis, converting Russian crude for the Russian market, Charter'97 reported, citing Reuters. Combined capacity across the two plants runs about 24 million tons a year, per Interfax.Pozirk did not publish specific profit figures or a year-over-year comparison for Belneftekhim's refining segment. Ikan's "decade-high" characterization is Belneftekhim's own assessment, relayed by an independent outlet rather than backed by audited financial data. Independent financial disclosures for 2026 have not yet been released.By Charles Kennedy for Oilprice.comMore Top Reads From Oilprice.comDiesel Crunch Set to Worsen as Refining Capacity Falls Short, Industry WarnsMorgan Stanley: Oil Traders Are ‘More Precise’ With Risk as Wars Drag OnSinopec Sees China Oil Demand Falling 8.9% in 2026