London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950

Our Clients

Order Informer

Home > News >

COVID-19 - News digest as of 24.04.2020

April 24/2020

1. Turkish Tupras cuts refinery runs due to weak demand

MOSCOW (MRC) -- Turkish refiner Tupras has cut runs at its Izmir refinery by 50% due to weak fuel demand because of the coronavirus outbreak, four trading sources familiar with the matter told Reuters. Tupras has also cut runs at its Izmit refinery by 20% and its Kirikkale refinery by 50%, the sources said.

2. Pandemic brought new customers and opportunities for plastics companies

MOSCOW (MRC) -- Plastics companies operating in the Klaipeda Free Economic Zone (FEZ) have been fortunate. The impact of the COVID-19 outbreak has so far been limited. In fact, they report increasing demand, the opening up of new product and sales segments, and a renewed sense of worth in the eyes of society, said Sustainableplastics.
The flip side, to date, has been the impact on turnover of falling raw materials and oil prices. Klaipeda. FEZ is the largest plastics hub in the Baltics. It is home to 5 companies active in the plastics industry, who together generated a total turnover of �890 min 2018, or nearly half of Lithuania"s total for this industry.

3. COVID-19 pandemic may cause worst economic downturn since the Great Depression

MOSCOW (MRC) -- The world economy may suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund (IMF) says in its latest forecast, said Canplastics.
�The COVID-19 pandemic is inflicting high and rising human costs worldwide,� IMF said in its April 2020 World Economic Outlook. �As a result of the pandemic, the global economy is projected to contract sharply by �3 per cent in 2020, much worse than during the 2008�09 financial crisis.�

4. NEO Group is working to full capacity

MOSCOW (MRC) -- NEO GROUP, one of the largest European PET producers, says it is currently working to full capacity, although the first days of the lockdown were followed by some minor challenges in the logistics chain, said Sustainableplastics. "The food industry and related activities were pronounced strategic during the pandemic, and so our production is in full swing,� says Paulius Ambrazaitis, the chairman of NEO GROUP.

5. ATS Automation receives USD65 million order for systems to produce COVID-19 test kits

MOSCOW (MRC) -- ATS Automation Tooling Systems Inc. has received a USD65 million order booking for two automated manufacturing systems that will produce components for COVID-19 test kits, said Canplastics. Cambridge, Ont.-based ATS will design, build, and deliver the systems within the next four months to Tessy Plastics, a global contract manufacturer headquartered in Skaneateles, N.Y. that specializes in injection molding and custom automated assembly solutions.

6. Sasol reverses fiscal 2020 earnings expectations of Louisiana petchem complex to a loss

MOSCOW (MRC) -- Sasol has reversed its fiscal 2020 earnings expectations from its vastly expanded Louisiana complex as the global coronavirus pandemic weakened demand and prices in 2020, reported S&P Global with reference to the company"s statement in a business update Thursday. Sasol had said its Lake Charles Chemical Project was expected to contribute USD50 million-USD100 million to the company"s EBITDA for the financial year 2020. That guidance has been reversed to a USD50 million-USD100 million drain on the company"s balance sheet for the period "as a result of the decline in oil prices and the COVID-19 global demand reduction," the company said.

7. Eni cuts output target, slashes 2020 capex 30% over COVID-19

MOSCOW (MRC) -- Italy"s Eni on Friday lowered its production guidance for 2020 and announced at least a 30% cut in planned capex for 2020 and 2021, in response to the collapse in oil prices and the economic impact of the coronavirus pandemic, reported S&P Global. The Rome-based major said it expects oil and production to average between 1.75 million�1.80 million b/d of oil equivalent in 2020, down from initial forecasts of around 1.9 million boe/d for the year. Eni said it will also cut Eur2.3 billion from 2020 capex, 30% lower than the initial targets, and anticipates further reductions of 30%-35% lower than original plans in 2021.
Author:Margaret Volkova
Tags:Europe, PE, LLDPE, crude and gaz condensate, propylene, LDPE, PET-granulate, ethylene, petrochemistry, packaging, Eni, Neo Group, Sasol, COVID-19, USA.
Category:General News
| More

Leave a comment

MRC help


 All News   News subscribe