DuPont posts EPS of USD0.84 in Q1 2020

MOSCOW (MRC) -- DuPont first-quarter sales and earnings fell year on year amid nylon pricing pressures and volume declines across the Transportation & Industrial and non-core segments, said the company.

Earnings were down due to the absence of prior-year gains in the Electronics & Imaging and Safety & Construction segments. These negatives more than offset "strong gross margin improvement” in Q1, the company said.

Operating earnings before interest, tax, depreciation and amortisation (EBITDA) fell in all of DuPont’s segments, with the exception of Nutrition & Biosciences. On an organic basis, total net sales were down 2% as 8% growth in Electronics & Imaging and 3% growth in Nutrition & Biosciences could not offset declines in other segments.||

The company has idled production at several manufacturing sites, predominantly production plants within its Transportation & Industrial segment, due to the current global automotive environment.

As MRC informed earlier, DuPont has launched “Operation Airbridge,” with the US Department of Health and Human Services (DHHS) and FedEx to speed production and delivery of medical garments made from DuPont’s Tyvek material. Operation Airbridge will enable expedited shipping of Tyvek garments critical to coronavirus disease 2019 (COVID-19) relief via air, instead of sea. FedEx Express will transport Tyvek roll goods from DuPont’s Richmond, Virginia, production plant to garment manufacturers in Vietnam. They will then return to the US with finished Tyvek garments to be added to the US Strategic National Stockpile.

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.
MRC

MOSCOW (MRC) -- Aramco provided an update on how the company is keeping its people and communities safe from COVID-19, while continuing to supply the world the energy it needs, said Hydrocarbonprocessing.

In our response to COVID-19 we have prioritized the safety, health and wellbeing of our employees, as well as our communities, around the world. We have implemented measures to reduce the risk of infection and to mitigate the virus’s impact on our people and our business. The company and its employees have also supported community efforts to combat the spread of COVID-19.

Our inbuilt systems for managing global crises ensure all our sites remain operational. Our supply chains also remain uninterrupted, as we continue to work with our partners to ensure safe delivery of materials.

Aramco’s President and Chief Executive Officer, Amin H. Nasser, said: “The world has encountered unprecedented complexities as a result of COVID-19, which have required high levels of agility and adaptability.

“The safety and wellbeing of our people has always been Aramco’s top priority and we continue to put them first in every decision we make.

“I am proud of how Aramco has responded to the challenge with a strong, united and compassionate approach, which stems from our deep-rooted community values. COVID-19 has no doubt created physical barriers, but it has also brought many of us closer together.

“We stand by our promise to do all that we can in the fight against COVID-19, helping those around us and delivering the world’s energy throughout this pandemic.

Last August, Saudi Aramco entered into a non-binding initial agreement to buy 20% stake in Reliance Industries’ oil to chemicals divisions with an enterprise value of USD75 billion. The oil to chemicals division included RIL’s Jamnagar refining complex, petrochemicals and fuels marketing businesses.

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.

Saudi Aramco is an integrated oil and chemicals company, a global leader in hydrocarbon production, refining processes and distribution, as well as one of the largest global oil exporters. It manages proven reserves of crude oil and condensate estimated at 261.1bn barrels, and produces 9.54 million bbl daily. Headquartered in Dhahran, Saudi Arabia, the company employs over 61,000 staff in 77 countries.
MRC

MOSCOW (MRC) -- Turkey's Izmir refinery in Aliaga has suspended production as of May 5, as a result of the "negative impact of the global COVID-19 outbreak on petroleum products demand" and variable commercial conditions in domestic and international markets, reported S&P Global with reference to owner Tupras's statement.

Production at the Izmir refinery, which accounts for 40% of the company's crude processing capacity, was gradually ramped down before being halted completely on May 5.

Tupras said it expected to restart production on July 1.

Meanwhile, Socar is maintaining full production levels at its STAR refinery at Aliaga in Turkey, although with an altered product portfolio.

Turkish demand for diesel during the first 26 days of April declined sharply due to the coronavirus pandemic, energy ministry data showed. The weekly published data showed diesel demand for the period was 829 million liters, down 34% from the same period in 2019. Gasoline demand over the same period was 98 million liters, down 47%.

As MRC informed earlier, SOCAR Polymer plans to reach the design load for high density polyethylene (HDPE) plant no earlier than 2023. In 2020, SOCAR Polymer is expected to produce 97,400 tonnes of HDPE and 110,000 tonnes of polypropylene (PP). In 2023, the company is expected to be able to reach its design targets and produce 120,000 tonnes of polyethylene (PE) and 170,000 tonnes of PP. Thus, the production of HDPE relative to 2019 will grow by 2.5 times, PP - by 54%.

Ethylene and propylene are feedstocks for producing PE and 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.
MRC

MOSCOW (MRC) -- Abu Dhabi National Oil Company (ADNOC) has begun a gradual restart of its Ruwais oil refinery complex after a scheduled maintenance shutdown, reported Reuters with reference to a company spokesman's statement on Sunday.

The Ruwais complex, which has capacity of 835,000 barrels per day, was shut down early this year, the ADNOC spokesman said.

"We are gradually restarting our refining operations in Ruwais following our planned maintenance programme," the spokesman told Reuters.

As MRC informed earlier, in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for maintenance.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 557,060 tonnes in the first three month of 2020, up by 7% year on year. High density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments rose because of the increased capacity utilisation at ZapSibNeftekhim. Demand for LDPE subsided. At the same time, PP shipments to the Russian market was 267,630 tonnes in January-March 2020, down 20% year on year. Homopolymer PP and PP block copolymers accounted for the main decrease in imports.
MRC

MOSCOW (MRC) -- CNOOC Huizhou Petrochemical Company Limited (CHPCL) has selected Axens’ ParamaX® Technology Suite for its petrochemical complex expansion in Daya Bay, China, said Hydrocarbonprocessing.

The project aims at increasing CHPCL’s high-purity aromatics production capacity to 3,000,000 tons per year. The new aromatics complex will produce 1,500,000 tons per year of para-Xylene in a single train.

Axens offered its second generation of the energy-efficient ParamaX® Suite of technologies for the cost-effective production of para-Xylene, benzene and mixed xylenes from aromatic-rich reformate and pyrolysis gasoline.

The ParamaX® Suite includes the following solutions: o Arofining™ selective olefin removal technology, originally developed by Axens, o Eluxyl® 1.15 para-Xylene purification technology, originally developed by Axens, o XyMaxSM-2, C8 aromatics isomerization technology, originally developed by ExxonMobil Chemical Technology Licensing, o TransPlusSM-5, aromatics transalkylation technology, originally developed by ExxonMobil Chemical Technology Licensing.

Axens’ second generation of the energy-efficient ParamaX® Suite provides superior aromatics yields while greatly reducing the plant’s energy consumption and enabling to manage investments for costadvantaged aromatics production.

Since 2009, CHPCL has been satisfactorily operating an Axens’ ParamaX complex with a production rate exceeding 1,300,000 tons of pure aromatics per year.

Axens’ Process Licensing Global Business Unit Executive Vice-President Patrick Sarrazin said, “This brand-new, state-of-the-art aromatics complex will allow CHPCL to further improve its resilience and competitiveness while producing highly valuable aromatics products.”

Axens will also supply catalysts, adsorbents, equipment and a full-service offer from plant personnel training to successful plant start-up, followed by plant performance monitoring services.

The ParamaX® Technology Suite is a combination of top-of-the-line processes aimed at the production of high-purity para-Xylene and other aromatic molecules such as meta-Xylene, ortho-Xylene, Benzene and Toluene.

To date, Axens has licensed more than 30 ParamaX® aromatics complexes and more than 400 process units aimed at aromatics production or transformation.

As MRC informed earlier, CNOOC Limited reported that its first-quarter oil and gas sales revenue reached around 39.95 billion Chinese yuan, down 5.5 percent from last year, mainly due to the lower realised oil and gas price, despite increased oil and gas sales volume. First-quarter total net production was 131.5 million barrels of oil equivalent or BOE, an increase of 9.5 percent from the prior year. Production from China increased 9.7 percent from last year to 87.1 million BOE. Overseas production grew 9 percent to 44.5 million BOE.

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.
MRC