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COVID-19 - News digest as of 06.04.2020

April 06/2020

1. Eni says production at its Italian refineries has slowed, most at 60% capacity

MOSCOW (MRC) -- Italian energy group Eni said most of its oil refineries in Italy were working at around 60% of their capacity as the coronavirus emergency continues, reported Reuters. The pandemic has shut down large parts of economies across the globe and prompted many governments to slap tough restrictions on travel, triggering a steep fall in the demand for refined oil products.

2. Chinese buyers snap up U.S. oil purchases at widest discounts ever

MOSCOW (MRC) -- China has increased U.S. crude purchases with some buyers snapping up cargoes at the widest discounts ever as sellers seek to offload excess supplies in Asia, reported Reuters with reference to six trade sources. China started processing in March applications from its companies to waive import tariffs on U.S. energy goods as part of the Sino-U.S. Phase 1 trade deal and they have since bought liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the United States. The worlds largest crude importer is boosting U.S. energy imports at a time when the world is swamped with excess supply after the Organization of the Petroleum Exporting Countries (OPEC) and Russia failed to extend production cuts and as measures to curb the spread of the coronavirus undermined demand.

3. Indian state refiners reduce oil processing runs as demand tumbles

MOSCOW (MRC) -- Indias state oil refiners have reduced crude processing as local fuel demand has tumbled due to lockdowns in much of the country that are aimed at halting the spread of coronavirus, reported Reuters with reference to industry and company officials' statement. Asias third largest economy with 1.4 billion people has reported about 500 cases of the virus but health experts say a big jump could be imminent. The government has halted domestic flights and most train and metro services. State fuel retailers and refiners Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp operate about 90% of retail fuel pumps in India.

4. Formosa says three contractors test positive for COVID-19 at Point Comfort

MOSCOW (MRC) -- Formosa Plastics Corp. USA (FPC), part of Formosa Petrochemical, announced Thursday that several contractors at its Point Comfort, Texas, facility have tested positive for coronavirus disease 2019 (COVID-19), but none of the companys own employees has, according to Chemweek. "Those contract employees have been isolated by their employer and notifications have been made to others with whom they may have closely interacted," says FPC. "We are working with all of our employees and contractors to ensure appropriate steps are taken to minimize transmission of this illness."
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Bharat Petroleum, Eni, Formosa, Hindustan Organic Chemicals Ltd (HOCL), Indian Oil Corp, COVID-19, India, China, USA, Tayvan (Kitay).
Category:General News
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