MOSCOW (MRC) – G20 leaders must take collaborative action to increase access to products needed to fight COVID 19, said Americanchemistry.
The following statement may be attributed to American Chemistry Council (ACC) President and CEO, Chris Jahn, in response to the virtual G20 summit:
"U.S. chemicals manufacturers are calling for G20 leaders to increase international coordination and prioritize multilateral responses to the COVID-19 pandemic. Healthcare workers and workers in essential industries around the globe are in dire need of products and equipment that can help save lives, and chemicals and plastics have been recognized for their critical role in efforts to ramp up the production and distribution of those products.
“Life-saving products belong in the hands of the heroes who are saving lives – both in the United States and around the globe. We urge G20 leaders to fortify the global supply chains that make these products possible by lifting tariffs and export restrictions and avoiding barriers to trade that will otherwise impede efforts to save lives."
As MRC informed earlier, OPEC and allies led by Russia agreed to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the U.S. shale industry, which is more vulnerable to low prices due to its higher costs.
We also remind that the COVID-19 outbreak has led Shell Chemical to temporarily suspend construction on the massive plastics and petrochemicals site it"s building in Monaca, Pa, USA.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC"s ScanPlast report, Russia"s estimated PE consumption totalled 383,760 tonnes in the first two month of 2020, up by 14% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased due to the increased capacity utilisation at ZapSibNeftekhim. At the same time, PP shipments to the Russian market were 192,760 tonnes in January-February 2020, down by 6% year on year. Homopolymer PP accounted for the main decrease in imports.
MRC