State-owned QatarEnergy secured a $3 billion loan from Chinese banks as LNG shipping stalls, while quarterly refining margins for European majors Shell and Equinor hit record highs. Meanwhile, Russian pipeline gas exports to Turkey fell 17%, and Rosatom scheduled comprehensive upgrades for the Armenian Nuclear Power Plant in 2027.
Global market
State-owned QatarEnergy secured a five-year $3 billion loan from a syndicate of Chinese banks, including Bank of China and ICBC, as liquefied natural gas exports face severe shipping bottlenecks. Corporate earnings for European energy majors surged: British supermajor Shell reported a 75% sequential jump in its indicative third-quarter refining margin to $42 per barrel, while Norway’s Equinor expects marketing and midstream earnings to exceed its $400 million guidance due to elevated refining margins and LNG trading. At the state level, Norway proposed withdrawing $63.7 billion from its sovereign wealth fund in 2027 to cover budget spending. In maritime operations, UKMTO recorded nine tanker attacks in the Strait of Hormuz since October 1, matching half of September’s total.
Russia & CIS
Russian pipeline gas deliveries to Turkey fell 17% year-on-year to 12.1 billion cubic meters during the first eight months of 2026, TASS reported. On domestic financial markets, Gazprom Neft shares rose to 597 rubles, reaching their highest level since March 2025 on robust fuel demand. Addressing agricultural logistics, Russian Prime Minister Mikhail Mishustin highlighted fuel supply and freight transport challenges facing domestic farmers during the current harvest season. In industrial technology, RusHydro Chief Engineer Sergey Kondratyev announced complete technological sovereignty in hydro engineering, confirming domestic capacity to manufacture all required power plant equipment.
Armenia
Russian state nuclear corporation Rosatom scheduled major system upgrade works at the Armenian Nuclear Power Plant for 2027, following current inspection programs on the reactor pressure vessel. Amid Qatar LNG export delays and Hormuz maritime threats, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia and continuous power generation at the Armenian Nuclear Power Plant proceed at full capacity under long-term EAEU trade agreements shielding the domestic market from price fluctuations recorded by international market price assessments.