London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

Chevron CEO: Oil markets are well-supplied despite recent US-Iran tensions

January 16/2020

MOSCOW (MRC) -- Chevron Corp Chief Executive Michael Wirth told CNBC that the oil markets remain well-supplied despite recent escalation of tensions between the US and Iran after the death of Iranís military commander Qassem Soleimani in a US air strike, as per Hydrocarbonprocessing.

"Fundamentally supply and demand remain where they were before these incidents," Wirth said in the interview.

"We havenít seen anything thatís actually changed that," Wirth said. "They see the geopolitical risk, but weíve been in a well supplied market, and thatís what the general view continues to be."

As MRC wrote before, US-based Phillips 66 remains open to developing another ethane cracker for its Chevron Phillips Chemical (CP Chem) joint venture, the refiner's CEO said in March 2018.

We also remind that in March 2018, Chevron Phillips Chemical Company LP, part of Chevron Corp, successfully introduced feedstock and commenced operations of a new ethane cracker at its Cedar Bayou facility in Baytown, Texas. At peak production, the unit will produce 1.5 million metric tons/3.3 billion lbs. per year.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,904,410 tonnes in the first eleven months of 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments increased from both domestic producers and foreign suppliers. The PP consumption in the Russian market was 1,161,830 tonnes in January-November 2019, up by 7% year on year. Deliveries of all grades of propylene polymers increased, with the homopolymer PP segment accounting for the largest increase.

Headquartered in San Ramon, California, Chevron Corporation is the the second-largest integrated energy company in the United States and among the largest corporations in the world. Chevron is involved in upstream activities including exploration and production, downstream activities including refining, marketing and transportation, and advanced energy technology. Chevron is also invested in power generation and gasification processes.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, homopolymer PP, propylene, ethylene, petrochemistry, Chevron, Chevron Phillips, Phillips 66, Iran, Russia, USA.
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe