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COVID-19 - News digest as of 03.06.2020

June 03/2020

1. Orbia puts on hold plans to divest Vestolit vinyls business

MOSCOW (MRC) -- Orbia Advance Corp., formerly Mexichem (Mexico City) says that in view of the COVID-19 pandemic and its impact on the global economy and capital markets, it has decided to pause its efforts to divest or seek an alternative strategy for its Vestolit vinyls business, reported Chemweek. Orbia says it is "prepared to wait for the right environment to maximize shareholder value in any transaction involving its Vestolit business". The company adds that Vestolit is a "fundamentally strong business, with a unique global footprint and strong cash generation, and will continue to focus on driving sustainable, profitable growth."

2. Enterprise reports earnings gain, lowers capex plans

MOSCOW (MRC) -- Enterprise Products Partners (Houston, Texas) reports first-quarter net income of USD1.375 billion, up 7% year-over-year (YOY) from USD1.280 billion, according to Chemweek. Sales totaled USD7.482 billion, down 12% YOY from USD8.544 billion. Adjusted earnings per share of USD0.53 were in line with the average analyst estimate of USD0.52 as compiled by Refinitiv (New York). The company also says it has increased its credit access and lowered capital spending plans in response to the coronavirus disease 2019 (COVID-19) pandemic.

3. Latest FDA policy on ethanol for hand sanitizer still falls short

MOSCOW (MRC) -- The Food and Drug Administration (FDA) in a guidance document late Monday updated its policy on the use of ethanol in hand sanitizers for a third time in the last two months as part of its effort to ensure adequate supply of the product during the coronavirus disease 2019 (COVID-19) pandemic, reported Chemweek. The agency says its updated guidance further clarifies the manufacturing and compounding of certain alcohol-based hand sanitizer products to prevent harmful levels of impurities from making their way into sanitizers.

4. Brazil crude, gas output holds steady in April despite pandemic

MOSCOW (MRC) -- Brazil"s crude oil and natural gas production remained stable in April as the global coronavirus pandemic had a limited impact on output in Latin America"s biggest producer, according to data released by the National Petroleum Agency (ANP) June 2, said S&P Global. Companies operating in Brazil pumped 3.738 million b/d of oil equivalent in April, little changed from 3.739 million boe/d in March, the ANP said. April"s total hydrocarbons output, however, advanced 12.8% from 3.314 million boe/d in April 2019, the ANP said.
Author:Margaret Volkova
Tags:Europe, PVC, PP, crude and gaz condensate, SPVC, propylene, gas processing, petrochemistry, adhesives, Enterprise Products, Mexichem, Orbia Advance, Vestolit, COVID-19, Brazil, Mexico, USA.
Category:General News
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