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COVID-19 - News digest as of 21.05.2020

May 21/2020

1. Thai refinery IRPC delays USD1 B chemical project amid coronavirus outbreak

MOSCOW (MRC) -- Thai oil refiner and petrochemical producer IRPC Pcl has delayed a 32.4 billion baht (USD1 billion) petrochemical investment and cut run rates by 20% as demand for petroleum and petrochemical products falls amid the coronavirus outbreak, the companys president said, as per Hydrocarbonprocessing. We are delaying the paraxylene project for now because demand is slowing and it uses a lot of capital it is good project, but should be delayed given the current situation, IRPC President, Noppadol Pinsupa, told Reuters in an interview.

2. Valero Memphis refinery raises production as demand improves

MOSCOW (MRC) -- Valero's 180K bbl/day Memphis, Tenn., refinery along the Mississippi River is operating at 60%-65% of capacity after gradual rate increases in recent weeks, reproted Seeking Alpha with reference to Bloomberg.Rates at the Memphis refinery were reduced as low as 50% last month as demand slumped in the wake of the spread of the coronavirus.

3. Mubadala says subsidiary begins producing N95 masks with Honeywell

MOSCOW (MRC) -- Abu Dhabi state fund Mubadala Investment Company said on Tuesday its subsidiary Strata Manufacturing has started to produce the N95 face masks used to protect medical workers fighting the deadly coronavirus, said Reuters. The venture, in partnership with Honeywell International , will have an annual output capacity of over 30 million masks, Mubadala said in a statement.

4. Liquid bulk chemical volumes rise at Port of Antwerp despite COVID-19

MOSCOW (MRC) -- Liquid bulk chemicals freight volumes at Port of Antwerp, Belgium, have risen slightly year on year (YOY) for the first four months of 2020, despite the growing impact of the coronavirus disease 2019 (COVID-19) pandemic, reported Chemweek. Freight volumes of liquid chemical products grew by 0.6% YOY over the four-month period, although overall liquid bulk freight volumes fell by 2.5% YOY due mainly to lower demand for oil derivatives, says the Antwerp Port Authority (APA). Freight volumes of liquid bulk chemicals at the port had grown by 4% YOY for the first three months of 2020.

5. Petronas Chemicals reports lower sales and earnings on COVID-19, deepening industry downcycle

MOSCOW (MRC) -- Petronas Chemicals (Kuala Lumpur), Malaysias leading petrochemicals player, today reported a drop in first-quarter sales and earnings citing the coronavirus disease 2019 (COVID-19) pandemic, according to Chemweek. The sharp decline in petrochemical product prices following the outbreak of COVID-19, the deepening industry downcycle as crude oil prices collapsed due to the OPEC+ fallout, and the recessionary global economic outlook have hurt results, the company says.
Author:Margaret Volkova
Tags:Europe, crude and gaz condensate, medicine, petrochemistry, clothes and accessories, IRPC, Petronas, Valero, COVID-19, Malaysia, United Arab Emirates (UAE), USA, Thailand.
Category:General News
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