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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 ˆ66 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 company’s
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 ñhemicals 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 BP’s 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 |
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