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COVID-19 - News digest as of 22.04.2020

April 22/2020

1. Vietnamese Dung Quat refinery says to delay maintenance

MOSCOW (MRC) -- Vietnamís Binh Son Refining and Petrochemical Co will delay maintenance at its Dung Quat refinery until July 27-September 16 due to the coronavirus pandemic, according to Hydrocarbonprocessing with reference to the company's statement. It was scheduled to conduct maintenance at the 130,000-barrel-per-day refinery from June 12 to August 1.

2. New issue of SIBUR for Clients focuses on COVID-19 and its impact on petrochemical market

MOSCOW (MRC) -- A new issue of SIBUR for Clients is now available on the Company's website. The main topic is the situation in the petrochemical market during the COVID-19 pandemic, said the company. An increase in crude oil supply, the growing coronavirus pandemic, and lockdown measures across the world have sent global markets into a tailspin. Under the circumstances, manufacturers worldwide are trying to repurpose their factories to make more useful products, such as medical equipment. Plastic is once again gaining ground in many markets as the most hygienic material helping to contain the spread of the virus. Companies, including SIBUR, are making every effort to protect their employees and partners while striving to fulfil their obligations.

3. GAIL shut petrochemical complex in India as lockdown restraint logistics, demand

MOSCOW (MRC) -- GAIL (India) Ltd has shut its petrochemical complex in Pata, Uttar Pradesh as the nationwide lockdown severely hit demand and creates logistics bottleneck that leads to bloated warehousing issue, reported CommoPlast. In fact, market sources informed that following the lockdown, which started on 24 March 2020, about two-thirds of trucks that used to transport the materials to buyers stopped operations.

4. Portugal Galp to halt Sines refinery for a month due to lack of storage

MOSCOW (MRC) -- Portugalís Galp Energia will suspend output as its largest oil refinery at Sines for a month from May 4 as the drastic drop in demand due to the coronavirus outbreak has left the company out of storage space, a Galp spokesman said, as per Hydrocarbonprocessing. The move follows the suspension on April 10 of the groupís smaller refinery in Matosinhos, bringing all its domestic oil and gas operations - making up 20% of refining capacity on the Iberian peninsula - to a halt.

5. DuPont lifts first-quarter outlook, shores up balance sheet as COVID-19 clouds view

MOSCOW (MRC) -- DuPont lifted its first-quarter earnings outlook as the coronavirus disease 2019 (COVID-19) pandemic bolsters demand for products such as Tyvek protective fabric, but withdrew its full-year guidance and announced steps to improve its balance sheet because the virusís longer-term impacts on markets such as automotive and oil and gas remains unclear, reported Chemweek. DuPont expects first-quarter 2020 adjusted earnings of USD0.82-0.84/share, well above the analystsí consensus estimate of USD0.68/share, as reported by Refinitiv (New York), and the companyís initial first-quarter guidance of USD0.70-0.74/share, issued on 11 March.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Sibur Holding, DuPont, Gail India Ltd, COVID-19, Vietnam, India, Portugal, Russia, USA.
Category:General News
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