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Vietnamese Dung Quat oil refinery cuts output on virus-hit demand

April 07/2020

MOSCOW (MRC) -- Vietnamís Dung Quat oil refinery plans to cut output because of weaker domestic fuel demand caused by the coronavirus oubreak, the facilityís operator said Reuters.

Domestic demand for refined fuels has fallen 30% to 40% since February, Binh Son Refining and Petrochemical said in a news release on its website, without saying how much refining production it has cut, adding that it may have to cease production if demand continues to decline.

As MRC informed earlier, Vietnam is seeking to import more goods from the United States to help narrow a favorable trade surplus following threats by US President Donald Trump to impose tariffs on products from the Southeast Asian nation amid a Sino-US trade war.

Vietnam is trying to accelerate the sale of stakes in state firms, including an initial public offering (IPO) of the firm that runs the country's sole refinery, which has been meeting about 30% of local oil product demand since it began operating in 2011.

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.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE.
Category:General News
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