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COVID-19 - News digest as of 05.08.2020

August 05/2020

1. Losses widen at Versalis on lower sales, production caused by COVID-19

MOSCOW (MRC) -- Versalis, the chemicals subsidiary of Eni (Rome, Italy), reports an adjusted operating loss of 66 million (USD77 million) in the second quarter, compared with a EUR28-million adjusted operating loss in the corresponding period of last year, said Chemweek. Eni cites lower sales and production volumes caused by lower demand in connection with the ripple effects on the economy of the COVID-19 pandemic. A revenue figure for Versalis has not been disclosed.

http://www.mrcplast.com/news-news_open-374285.html

2. Tosoh swings to loss on COVID-19 impact

MOSCOW (MRC) -- Tosoh Corporation is pleased to announce its consolidated results for the first quarter of fiscal 2021, from April 1, 2020, to June 30, 2020, said the company. The companys consolidated net sales totaled 156.5 billion (USD1.4 billion), down 36.3 billion, or 18.8%, compared with consolidated net sales in the first quarter of fiscal 2020. The decrease was attributable to a global-scale contraction in demand caused by the spread of coronavirus infection, which led to sudden decreases in naphtha prices and deterioration in overseas market conditions.

http://www.mrcplast.com/news-news_open-374520.html

3. Insulation foam applications drive MDI demand recovery, TDI recovery more subdued

MOSCOW (MRC) -- MDI and TDI demand have been showing signs of recovery throughout June and July, albeit to different degrees of intensity. Demand for polyurethane insulation foams (rigid and spray) in the construction industry is driving up demand for MDI in Europe and North America, says James Elliott, associate director /polyurethanes at IHS Markit. In Asia, demand for polyurethane insulation foams in the appliance manufacturing and cold chain sector is the contributing factor to improved MDI consumption, Elliott says. However, the TDI demand recovery in flexible foams used in the furniture and bedding sectors is more protracted. The automotive end-use sector is hindering the MDI and TDI demand recovery, too Elliott adds.

http://www.mrcplast.com/news-news_open-374554.html

4. Ferro swings to loss as COVID-19 reduces volumes

MOSCOW (MRC) -- Ferro has reported a second-quarter net loss of USD5.5 million, compared with a profit of USD10.9 million in the year-ago quarter. Net sales fell 21.5% year-on-year (YOY), to USD204.8 million, reported Chemweek. Adjusted earnings totaled 12 cents/share, slightly ahead of analysts consensus estimate of 11 cents/share, as reported by Refinitiv (New York, New York). Profit margins improved during the quarter, while volumes fell by 20% YOY.

http://www.mrcplast.com/news-news_open-374566.html

5. SIBUR reports H1 2020 IFRS results

MOSCOW (MRC) -- PJSC SIBUR Holding, the largest integrated petrochemicals company in Russia, today publishes its operational and financial results for the three and six months ended 30 June 2020 in accordance with International Financial Reporting Standards (IFRS), said the company. ZapSibNeftekhim continues to increase production volumes. In the first half of 2020, the complex produced 206 thousand tonnes of polypropylene and 507 thousand tonnes of polyethylene. Sales of polypropylene grew by 81.6% compared to the first half of 2019, and sales of polyethylene increased by more than 100%.

http://www.mrcplast.com/news-news_open-374553.html

6. US refining capacity poised for first big drop in nearly a decade

MOSCOW (MRC) -- US oil refining capacity this year could decline by the largest amount in nearly a decade as pandemic-related travel curbs and a fire shut several plants, reversing years of small gains, reported Reuters. Refiners globally have been idling plants as the COVID-19 pandemic slashed fuel demand as much as 30%. In the United States, Marathon Petroleum Corp will close California and New Mexico plants in response to the demand slump. Philadelphia Energy Solutions closed and sold its refinery to a property developer after a fire and series of explosions tore through the plant last summer.

http://www.mrcplast.com/news-news_open-374567.html

7. Global hemicals output rebounds in June

MOSCOW (MRC) -- Data collected and tabulated by the American Chemistry Council (ACC) show that due to growth in China, global chemicals production rose by 0.6 percent in June, an improvement from the 0.5 percent decline in May, said Americanchemistry. Production has been declining throughout this year, with the last monthly gain occurring in December 2019. During June, chemical production fell in major regions except Asia-Pacific. Headline global production was off 7.2 percent year-over-year (Y/Y) on a three-month moving average (3MMA) basis and was off 7.4 percent from the peak December level. Global output stood at 109.8 percent of its average 2012 levels.

http://www.mrcplast.com/news-news_open-374548.html

8. Venator swings to loss on COVID-19 volume decline

MOSCOW (MRC) -- Venator (Wynard, UK) reports a second-quarter loss of USD19 million, down from USD21 million in the year-ago period. Sales totaled USD456 million, down 21% year-over-year (YOY) from USD578 million, said Chemweek. Economic disruption created by the COVID-19 pandemic cut into volume, but the company was able to keep average pricing stable in the titanium dioxide segment and to increase it in the performance additives segment.Adjusted earnings per share came to a 3-cent loss, down from a 13-cent profit in the year-ago period and ahead of the average analyst estimate of an 8-cent loss as compiled by Refinitiv (New York).

http://www.mrcplast.com/news-news_open-374530.html

9. BP petchem earnings decline, sale to Ineos on schedule for completion before end of year

MOSCOW (MRC) -- BP reports a 43% year-on-year (YOY) decline to USD47 million in second quarter earnings for its petrochemicals business, which remains on schedule to be sold to Ineos for USD5 billion before the end of the year, reported Chemweek. BP says it received proceeds from divestments and other disposals in the quarter of USD1.1 billion, including the first payment from the agreed sale of BPs petrochemicals business to Ineos. The oil and gas major reports a group net loss of USD16.8 billion for the second quarter, compared with a profit of USD1.8 billion in the prior-year period, including a net post-tax charge of USD10.9 billion for non-operating items. This includes USD9.2 billion in post-tax non-cash impairments, arising mainly from revisions to its long-term oil and gas price assumptions, and USD1.7 billion of post-tax non-cash exploration write-offs, according to the company. Group sales plunged to USD31.67 billion, down from USD72.68 billion a year earlier. Underlying replacement cost profit before interest and tax of USD47 million for its petchems segment in the quarter reflected a weaker margin environment and the impact of COVID-19, partly offset by lower turnaround activity, according to BP. For the first six months of 2020, the petchems business reported earnings of USD112 million, down 55% YOY. BP does not include results from its Gelsenkirchen and Mulheim sites in Germany in its petchems earnings and is not selling these facilities.

http://www.mrcplast.com/news-news_open-374521.html

10. LyondellBasell earnings plummet on weak demand, pricing

MOSCOW (MRC) -- LyondellBasell (Houston, Texas) reports second-quarter net income of USD314 million, down 69% year-over-year (YOY) from USD1.003 billion as the pandemic weighed on volume and pricing, reported Chemweek. Revenue totaled USD5.546 billion, down 39% YOY from USD9.048 billion. Adjusted earnings per share dropped 74% YOY to 71 cents while beating the average analyst estimate of 65 cents as compiled by Refinitiv (New York). The quarter included an $88-million non-cash inventory valuation benefit and USD11 million in integration costs.

http://www.mrcplast.com/news-news_open-374480.html

11. Eastman misses estimates on lower volumes, capacity utilization

MOSCOW (MRC) -- Eastman Chemical has reported second-quarter net earnings down 89.5% year-on-year (YOY), to USD27 million, on sales down 18.6%, to USD1.92 billion, reported Chemweek. Adjusted earnings fell 57.2% YOY, to 85 cents/share, short of analysts consensus estimate of USD1.05/share, as reported by Refinitiv (New York, New York). Lower volumes, lower selling prices, and reduced capacity utilization hit both sales and profits, as the COVID-19 pandemic cut into demand in key end markets, including transportation, construction, and consumer durable goods.

http://www.mrcplast.com/news-news_open-374487.html


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, furniture, construction, gas processing, paints and coatings, Furniture, petrochemistry, Benefit, Profit, Sibur Holding, BP Plc, Eastman Chemical, Eni, LyondellBasell, Tosoh, Versalis, COVID-19.
Category:General News
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