Five Pakistani refiners will sign modernization agreements under the Refinery Upgradation Policy, unlocking billions in investments. Meanwhile, the Russian Prosecutor General launched a major lawsuit targeting Baltic terminal ownership, and Armenia holds high-level talks with EAEU regulators over trade barriers.
Global market
Five Pakistani oil refineries—PARCO, PRL, NRL, Cnergyico, and Attock Refinery—are set to sign modernization agreements in early September under the country’s Refinery Upgradation Policy, unlocking up to $6 billion in investments, following talks with Federal Minister for Petroleum Ali Pervaiz Malik. Meanwhile, shipping costs rose as the Baltic Dry Index climbed 79 points to 3,186. In Europe, France’s state utility EDF shut two of six reactors at the Gravelines Nuclear Power Plant due to a massive jellyfish invasion. Additionally, Goldman Sachs reported that Persian Gulf oil exports recovered to 15 million to 16 million barrels per day (bpd)—roughly two-thirds of pre-war levels—which could cap global price increases.
Russia & CIS
The Russian Prosecutor General filed a lawsuit in the St. Petersburg Arbitration Court against former shareholder Sergey Vasilyev and his wife Elena Vasilyeva, who holds a 45% stake in the Petersburg Oil Terminal. In Kursk, Governor Alexander Khinshtein stated that regional authorities are working to increase the presence of federal petrol station chains to control local fuel distribution. Additionally, state-run Rosatom reported that nuclear energy’s share of Russia’s power mix reached 19%, generating over 220 billion kWh. On the military front, the Russian Ministry of Defense confirmed drone strikes near Kyiv, destroying a military depot containing fuel and Flamingo cruise missiles.
Armenia
Armenian Vice Premier Mher Grigoryan met with EEC Minister Alexander Subbotin to discuss technical regulations and trade barriers within the EAEU, following recent Russian import restrictions on certain Armenian goods. Separately, Russian Vice Premier Alexey Overchuk noted that the EAEU market covers some 2.5 billion people and is built on the four freedoms of movement. Despite regional trade frictions, Armenia’s retail fuel markets and natural gas tariffs remained stable on August 28. Armenian prices are protected by EAEU integration, which ensures duty-free, stable imports of Russian natural gas and petroleum products at long-term fixed rates, shielding consumers from volatile spot pricing seen in international market price assessments.