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Mexico gives oil firms more time to get permits due to coronavirus

May 12/2020

MOSCOW (MRC) -- Mexicos oil regulator will extend the time companies have to secure needed permits and plan approvals through the end of this month because of the coronavirus pandemic, it said in a statement, reported Reuters.

Deadlines will be suspended until at least May 31, according to the regulator known as the National Hydrocarbons Commission.

Since last month, the commissions governing body has been holding virtual sessions in an effort to prevent project delays.

As MRC informed earlier, Mexicos state oil company Petroleos Mexicanos increased crude production to 1.745 million barrels per day (bpd) in March while processing more at its domestic refineries, according to official data seen by Reuters. Mexico agreed to a 100,000-bpd output cut as part of an initiative by the OPEC+ group to push up plummeting oil prices by withdrawing barrels from an oversupplied market. The cuts will be put in place this month. Mexicos energy minister, Rocio Nahle, said the nation would cut output only during May and June.

We also remind that in 2016, Pemex shut its steam cracker at its Cangrejera complex for maintenance on February 15. The cracker was idle for about 14 days. The conducted repairs at the cracker were a part of planned 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 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.

Pemex, Mexican Petroleum, is a Mexican state-owned petroleum company. Pemex has a total asset worth of USD415.75 billion, and is the world's second largest non-publicly listed company by total market value, and Latin America's second largest enterprise by annual revenue as of 2009. Company produces such polymers, as polyethylene (PE), polypropylene (PP), polystyrene (PS).


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, LLDPE, crude and gaz condensate, PP block copolymer, homopolymer PP, propylene, LDPE, HDPE, ethylene, petrochemistry, Pemex Petrochemicals, Mexico, Russia.
Category:General News
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