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COVID-19 - News digest as of 30.06.2020

June 30/2020

1. Saudi Polymers to permanently shut down PS complex

MOSCOW (MRC) -- National Petrochemical Co. (Petrochem) said that the board of directors of its subsidiary, Saudi Polymers Co., decided to shut down the polystyrene unit and amortize its value, due to difficulties in achieving profits amid the global polystyrene market conditions, said Argaam. The company expected this process to have an impact of up to SAR 277 million on its financial statements for Q2 2020.

2. JXTG gasoline cargo purchase from Singapore signals demand recovery: sources

MOSCOW (MRC) -- Gasoline demand in Japan is showing signs of recovery following the lifting of the state of emergency, prompting the country"s largest refiner, JXTG Nippon Oil & Energy, to snap up at least one MR-sized gasoline cargo from Singapore, believed to be the first purchase from overseas in months, reported S&P Global. JXTG bought one gasoline cargo loading in June in Singapore, a source familiar with the matter said June 17, without giving further details. A spokeswoman for JXTG Nippon Oil & Energy on June 17 declined to comment on specifics of its product deals.

3. Chevron-led Kazakh consortium fulfilling OPEC+ cuts for May-June

MOSCOW (MRC) -- The Chevron-led consortium that operates Kazakhstan"s largest oil field, Tengiz, is imposing production cuts in line with government legislation covering May-June and is not yet aware of additional restrictions for July, reported S&P Global with referenceto its statement June 19. In production since 1993, Tengiz is the mainstay of Kazakhstan"s crude production and the CPC export blend loaded on the Black Sea coast. It accounts for 40% of Kazakh oil production, with output of 667,000 b/d in the first quarter. A major coronavirus outbreak at the site by the Caspian Sea has disrupted a USD46.5-billion expansion project expected to lift output to 900,000 b/d in 2023.

4. Crude oil futures steady after overnight rally as demand uncertainty remains

MOSCOW (MRC) -- Crude oil futures were steady to marginally lower in mid-morning trade in Asia June 23 following an overnight rally, as demand uncertainty continues amid concerns of a second wave of COVID-19 infections, reported S&P Global. At 10:35 am Singapore time (0235 GMT), ICE Brent August crude futures slipped 1 cent/b (0.02%) from the June 22 settle at USD43.07/b, while the new front-month NYMEX August light sweet crude contract was 4 cents/b (0.1%) lower at USD40.69/b.

5. Pakistan oil companies to import more oil product in July-August

MOSCOW (MRC) -- Pakistan"s oil marketing companies are likely to import more spot barrels of motor fuels soon as the recovery in domestic demand amid low refinery run rates threatens to draw down the country"s already limited supplies, traders said, said S&P Global. This expectation was sparked by concerns of a supply crunch after the country"s Oil and Gas Regulatory Authority in mid-June imposed a cumulative fine of around Pakistan rupees 40 million (USD240,000) on six major oil marketing companies for holding insufficient motor fuel inventories, OGRA"s official reports revealed. Shell Pakistan, Total Parco Pakistan Limited, Puma Energy, Gas and Oil Pakistan, Attock Petroleum and Hascol Petroleum were the six slapped with fines, according to the reports. However, they could not be immediately reached for comment on the matter.

6. Honeywell to create 450 jobs in UK as it ramps up production of PPE

MOSCOW (MRC) -- Honeywell is to build a new production line capable of producing up to 4.5 million FFP2 and FFP3 disposable face masks per month at its Newhouse site in Scotland, United Kingdom, said Britishplastics. These masks will assist the UK Government�s response to the coronavirus (COVID-19) outbreak and the new production line is expected to create approximately 450 jobs at the site. The UK Government has ordered 70 million of the locally produced Honeywell SuperOne face masks, with production expected to start as early as July 2020. "As a global leader of high quality personal protective equipment, Honeywell is committed to getting safety gear to those who need it most, including workers on the front line of the fight against COVID-19,� said Will Lange, president of Honeywell�s personal protective equipment business.
Author:Margaret Volkova
Tags:Europe, PS, crude and gaz condensate, medicine, petrochemistry, clothes and accessories, Chevron, Honeywell, Nippon, Saudi Polymers, Shell, Total Petrochemicals, COVID-19, UK, Kazakhstan, United States Minor Outlying Islands, Pakistan, Saudi Arabia, Singapore, Japan.
Category:General News
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