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COVID-19 - News digest as of 14.04.2020

April 14/2020

1. French CIM oil storage tanks brimming as coronavirus quashes demand

Oil tanks at France�s storage and dispatch services company CIM are completely full due to the glut in global oil supply and the sharp drop in products demand, the director general of the company said, as per Reuters. CIM, which handles around 40% of France�s crude imports, has 3 million cubic metres of crude storage capacity and 1.7 million cubic metres of refined products storage capacity, mostly at the Le Havre oil port hub. The firm also operates the 4,700 km Trapil pipeline network. �There is no demand, our tanks are full to the brim,� CIM"s Olivier Peyrin told Reuters.

2. New York largest biofuel plant supplies ethanol for sanitizer to US, Canadian corporations as Coronavirus persists

MOSCOW (MRC) -- Western New York Energy, New York"s first and largest operational ethanol facility, has adapted operations to supply distillers, manufacturing, technology, and personal care corporations across the Northeast and Canada with ethanol to produce 80% antiseptic alcohol sanitizer amidst the COVID pandemic, as per Hydrocarbonprocessing. The plant is producing over 100,000 gallons a day of tech-grade ethanol for businesses that halted operations to meet the urgent sanitizer needs of hospitals and at-risk communities.  WNY Energy generates over 60-million gallons of biofuel annually, using 20-million bushels of corn. The USD90-million facility was the first biofuel company in the northeastern US.

3. OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic

MOSCOW (MRC) -- 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%, reported Reuters. 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.

4. Asia distillates-gasoil cracks drop as coronavirus hits demand

MOSCOW (MRC) -- Asian refining margins for 10 ppm gasoil dropped, as demand for the industrial and transportation fuel remained under pressure due to lockdowns across the region to contain the coronavirus pandemic, reported Reuters. Refining profit margins, also known as cracks, for gasoil with 10 ppm sulphur content plunged to USD6.59 a barrel over Dubai crude during Asian trading hours on Monday, down from USD8.48 per barrel on Thursday.

5. G20 leaders must take collaborative action to increase access to products needed to fight COVID 19

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.

6. Braskem to cut Capex in 2020 by at least 10% due to coronavirus

MOSCOW (MRC) -- Brazilian petrochemical company Braskem SA expects to cut its Capex prediction for this year, of 3 billion reais (USD578 million)is by at least 10%, reported Reuters with reference to chief financial officer Pedro Freitas" statement in a webcast on Wednesday. Braskem has drawn USD1 billion in revolving credit lines as an insurance against the coronavirus crisis, the CFO said.
Author:Margaret Volkova
Tags:Europe, crude and gaz condensate, petrochemistry, adhesives, Braskem, COVID-19, Brazil, USA.
Category:General News
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