MOSCOW (MRC) -- Portugal’s Galp Energia partially resumed production at its Sines refinery, the company said, after a lack of storage space for unused fuel amid a drastic drop in demand because of the coronavirus outbreak brought it to a halt, said Hydrocarbonprocessing.
Galp suspended output at its Sines refinery on May 4 and its smaller refinery in Matosinhos on April 10 and with it all of its domestic oil and gas operations that make up 20% of refining capacity in Iberia.
On Tuesday, a spokesman said the company was gradually resuming production as planned. “Galp will continue to monitor the evolution of the national, Iberian and international markets to adjust its refineries to the challenging and uncertain global context,” the spokesman said.
Galp reported a 72% slump in first-quarter net profit as sales of oil products fell around 13% due to government-imposed lockdowns which confined people to their homes in both Portugal and Spain.
Still, Portugal’s lockdown imposed on March 18 has largely been lifted, with Spain loosening restrictions region by region.
Demand for gas has fallen by 21.1% in Portugal since the beginning of the year, the Association of Petroleum Companies told news agency Lusa.
As MRC informed earlier, Galp Energia said on Tuesday it will kick off its green business by installing renewable energy capacity of 10 gigawatts in the decade ahead. Galp, which last month bought solar power projects from Spain's ACS for 2.2 billion euros (USD2.38 billion), hopes to install 3.3 gigawatts of solar energy in Portugal and Spain alone by 2023, generating more than 10% in equity returns.
As MRC informed earlier, Russia's output of products from polymers grew in April 2020 by 11.2% year on year due to quarantine restrictions. However, this figure increased by 3.4% year on year in the first four months of 2020. According to the Russian Federal State Statistics Service, April production of unreinforced and non-combined films decreased to 107,000 tonnes from 110,400 tonnes a month earlier. Output of films products grew in the first four months of 2020 by 12.5% year on year to 402,800 tonnes.
MRC