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1. AkzoNobel profits, sales fall on sharply lower demand
MOSCOW (MRC)
-- AkzoNobel says that its net profit in the second quarter of 2020 dropped 44%
year on year (YOY), to EUR129 million (USD149 million), said Chemweek. Sales
went down 19%, to ˆ1.98 billion from EUR2.45 billion in the same period of the
previous year. The fall in sales, which dragged profits down, is mainly due to
the impact of COVID-19 on end-market demand that resulted in 18% lower volumes
YOY, the company says. EBITDA fell 25% YOY, to EUR297 million, the company says.
Margin-management and cost-saving programs were able partly to offset the
negative effect of lower demand, the company says. AkzoNobel announced
preliminary results last week.
http://www.mrcplast.com/news-news_open-373815.html
2.
Total, Exxon demobilize PNG LNG expansion workers due to COVID-19
MOSCOW
(MRC) -- Oil and gas companies Total and ExxonMobil have idled workers at the
troubled Papua New Guinea LNG expansion project due to the COVID-19 pandemic,
project partner Oil Search said July 21 in its earnings statement, said S&P
Global. The lower staffing is part of a reduction in Oil Search's global
workforce of around 34% by year end as part of its restructuring and cost cuts.
This signals further complications at the project that has already been delayed
due to disagreements between the new Papua New Guinea government and the project
partners.
http://www.mrcplast.com/news-news_open-373802.html
3.
Crude edges lower as surprise build in US crude stocks deflates
rally
MOSCOW (MRC) -- Crude oil futures edged lower in mid-morning trade
in Asia July 22 after an unexpected build in US crude inventories derailed an
overnight rally on COVID-19 vaccine hopes and a stimulus package agreement in
Europe, said S&P Global. At 10:19 am Singapore time (0219 GMT), ICE Brent
September crude futures were down 26 cents/b (0.59%) from the July 21 settle at
$44.06/b, while the new front-month NYMEX September light sweet crude contract
was 27 cents/b (0.64%) lower at USD41.65/b.
http://www.mrcplast.com/news-news_open-373810.html
4.
Stepan beats estimates on disinfectants demand
MOSCOW (MRC) -- Stepan
reports second-quarter net income if USD35.8 million, 18.6% higher year-on-year
(YOY), as strong demand for cleaning and disinfectant products due to COVID-19
more than offset weakness in construction and oilfield markets, said Chemweek.
Adjusted earnings of USD1.65/share was 10.0% higher YOY and handily beat the
analysts’ consensus estimate of USD1.20/share, as reported by Refinitiv (New
York). Net sales decreased 2.6% YOY, to USD460.5 million. Surfactant operating
income increased 51% YOY, to USD48.5 million, on sales up 6%, to USD332.3
million. The increase was primarily attributable to a 10% increase in global
Surfactant volume and an improved product mix. The sales volume growth was
principally due to higher demand in the global consumer product end markets
driven by increased demand cleaning and disinfection products as a result of
COVID-19, and a USD5.0 million operating income improvement in Mexico.
http://www.mrcplast.com/news-news_open-373858.html
5.
Russian share of Europe oil market under threat as exports hit 20-year
lows
MOSCOW (MRC) -- Russian oil exports to Europe are set to hit their
lowest levels in two decades in July, with an output cut deal prompting other
suppliers to fill the gap left by Moscow, reported Reuters with reference to
data from traders and Refinitiv Eikon. Russia is set to slash seaborne Urals
supplies to Europe to 3.8 million tonnes (900,000 barrels per day) next month,
its lowest since 1999, when President Vladimir Putin first came to power as
prime minister. “This is a shock for everyone ... Even the American oil is
currently more profitable to refine ... Requests for oil supplies from the
United States have increased,” a trading source said. Light oil flows from the
United States to Europe were close to 3 million tonnes in both May and June,
just 1 million tonnes lower than a record high in March, Refinitiv Eikon data
shows. Supplies from the United States to Europe remain ample despite oil
production decrease in the US by 2.1 million bpd from March, as oil prices have
plummeted due to overproduction and the fallout from the coronavirus
crisis.
http://www.mrcplast.com/news-news_open-372844.html
6.
Crude oil futures slip on rising coronavirus infections worldwide
MOSCOW
(MRC) -- Crude oil futures traded lower during mid-morning trade in Asia July 20
as rising coronavirus infections worldwide weighed market sentiment down,
reported S&P Global. At 10:30 am Singapore time (0230 GMT), ICE Brent
September crude futures were down 24 cents/b (0.49%) from the July 17 settle at
USD42.90/b, while the NYMEX August light sweet crude contract was down by 20
cents/b (0.46%) at USD40.39/b.
http://www.mrcplast.com/news-news_open-373840.html
7.Versalis
starts the production of Invix, bioethanol-based disinfectant at
Crescentino
MOSCOW (MRC) -- Versalis, Eni's chemical company, has
launched a new line to produce liquid hand disinfectant marketed under the brand
name Invix at its plant in Crescentino (Vercelli, Piedmont), to meet the growing
demand as a result of the current health situation across the nation, said the
company. The disinfectant, which has been developed based on the formulation
provided by the World Health Organization and authorized by the Italian Ministry
of Health, is a medical device, the active substance of which is ethanol
obtained from vegetable raw materials. The bio-ethanol is produced at the
Crescentino plant, designed to process residual biomasses, which has been
adapted to temporarily use corn glucose syrup as a raw material to cope with the
health emergency.
http://www.mrcplast.com/news-news_open-373882.html |
