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1. Total refining margin sinks to six-year low as sales slump, crude
rebounds
MOSCOW (MRC) -- Total, Europe"s biggest refiner, saw its average
refining margin slump to the lowest level in six years during the second quarter
when demand for fuels collapsed due to COVID-19 lockdowns while oil prices began
to recover, reported S&P Global. Total"s "variable cost margin" for its
European refineries in the second quarter fell to USD14.30/mt or about
USD1.95/b, down from USD26.30/mt in the previous quarter and USD27.60/mt in the
year-earlier period, it said July 15 in a trading statement.
http://www.mrcplast.com/news-news_open-373586.html
2.
NNPC fired 850 workers, many from refineries
MOSCOW (MRC) -- The
Nigerian National Petroleum Corporation (NNPC) has fired 850 workers, many of
them from refineries, amidst the coronavirus pandemic, an oil union said, said
Hydrocarbonprocessing. The workers are both skilled and unskilled contractors,
including technicians who helped maintain Nigeria�s oil refineries, said Lumumba
Okugbawa, general secretary of the Petroleum and Natural Gas Senior Staff
Association of Nigeria, speaking on the phone. The NNPC did not immediately
respond to requests for comment. Layoffs in Nigeria�s oil sector are a tense
issue, with frequent stand-offs between the NNPC and unions. Nigeria is
dependent on crude sales to prop up its struggling economy, now at risk of its
worst recession in four decades due to the coronavirus and the pandemic tanking
global oil prices.
http://www.mrcplast.com/news-news_open-373508.html
3.
PPG results tumble on COVID-19 impacts, but beat estimates
MOSCOW (MRC)
-- PPG Industries today reported second-quarter net income from continuing
operations down 63.3% year-on-year (YOY), to $99 million, on net sales down 25%,
to USD3.0 billion, said Chemweek. Adjusted net income declined tk% YOY, to
USD235 million, or 99 cents/share, ahead of analysts� consensus estimate of 71
cents/share, as reported by Refinitiv (New York, New York). Selling prices were
up 2% YOY, but volumes fell 24%. �The lower sales volumes reflect the negative
economic impact of the COVID-19 pandemic,� PPG says.
http://www.mrcplast.com/news-news_open-373656.html
4.
Fuel demand shock threatens future of Australian oil refineries
MOSCOW
(MRC) -- A coronavirus-driven collapse in fuel demand is threatening Australia�s
oil refining industry, just as supply chain disruptions wrought by the pandemic
have focused the government on the need to shore up fuel security, reported
Reuters. Already dependent on imports for more than half its fuel needs after
the closure of four refineries since 2003, industry and analysts say at least
one of the country�s four remaining refineries could close unless the government
steps in. Pandemic lockdowns decimated demand for gasoline, jet fuel, diesel and
shipping fuel, hitting refiners that only recently enjoyed a return to
profitability after years in the red.
http://www.mrcplast.com/news-news_open-372963.html
5.
Crude futures in Asia lower ahead of OPEC+ production cut talks
MOSCOW
(MRC) -- Crude oil futures were lower in mid-morning trade in Asia July 13 ahead
of mid-week deliberations by OPEC+ over whether to maintain its current supply
cut for another month, and as several countries reported a sharp rise in
coronavirus infections, reported S&P Global. At 11:04 am Singapore time
(0304 GMT), ICE Brent September crude futures were down 44 cents/b (1.02%) from
the July 10 settle at USD42.80/b, while the NYMEX August light sweet crude
contract was 43 cents/b (1.06%) lower at USD40.12/b.
http://www.mrcplast.com/news-news_open-373390.html |
