|
1. Ineos Styrolution Canada donates to Ontario mental health service
organizations
MOSCOW (MRC) -- As demand increases for COVID-19 related
mental health programs, material supplier Ineos Styrolution Canada been working
with Ontario organizations St. Clair Child & Youth Services and Canadian
Mental Health Association Lambton Kent to fund virtual, mental health programs
for their community, said Canplastics. After the COVID-19 pandemic forced the
cancellation of their Outreach Program, a cornerstone summer activity for
“at-risk” children within the community, Ineos Styrolution Canada, delivered a
USD10,000 grant through the Ineos Community Fund to St. Clair Child & Youth
Services. This grant will used for the creation of virtual summer camps,
ensuring that staff will have the ability to stay connected with families during
challenging times.
http://www.mrcplast.com/news-news_open-375070.html
2.
US ethylene exports to Asia bounce back
MOSCOW (MRC) -- Navigator
Holdings (London, UK) says US ethylene exports are back on the rise, driven by
recovering Asian demand and a continuing arbitrage, according to Chemweek. The
company shared its assessment in preliminary second-quarter financial results
released on 13 August. Ethylene shipments slowed late in the first quarter as
COVID-19 lockdowns and the related global economic downturn weighed on demand,
says Navigator. “However, as Asian economies restarted during the latter half of
the second quarter, so too did the demand for ethylene. An upsurge in US
ethylene export capacity from our([Morgan’s Point) marine export terminal, drove
an uptake in cargo liftings from the second half of May onwards, positively
impacting handysize ethylene tonnage.”
http://www.mrcplast.com/news-news_open-375074.html
3.
Hexion swings to Q2 loss
MOSCOW (MRC) -- Hexion swung to a Q2 operating
loss on weaker sales volumes due to the global coronavirus pandemic, said the
company. Also weighing on earnings were margin reductions in Hexion’s base
epoxy resins business due to competitive pressures, as well as an outage at the
company’s Pernis site in the Netherlands. After emerging from US Chapter 11
bankruptcy protection on 1 July 2019, Hexion applies “fresh start accounting”,
meaning that results are not directly comparable year on year. "We continue to
see an impact in the third quarter of 2020 from the pandemic, although our July
volumes continued to improve sequentially compared to the prior month,” said
acting CEO George Knight.
http://www.mrcplast.com/news-news_open-375056.html
4.
Refiner says its 15 refineries to run up to 79% of total throughput in
Q3
MOSCOW (MRC) -- Independent U.S. refiner Valero Energy Corp plans to
operate its 15 refineries at up to 79% of their combined total throughput
capacity of 3.15 MMbpd in the third quarter of 2020, the company said,
said Hydrocarbonprocessing. Valero, the second largest U.S. refiner, said its
eight Gulf Coast refineries will operate in a range between 1.4 million and 1.45
MMbpd during the third quarter, as demand remains reduced because of the novel
coronavirus pandemic, the company said. The company expects demand will increase
so that inventories will match the pre-pandemic five-year average sometime in
2021, Valero President Lane Riggs said.
http://www.mrcplast.com/news-news_open-374316.html
5.
Oil refiners shut plants as demand losses seen continuing
MOSCOW (MRC) --
Oil refiners are permanently closing processing plants in Asia and North America
and facilities in Europe could be next as uncertain prospects for a recovery in
fuel demand after the coronavirus pandemic triggered losses, according to
Hydrocarbonprocessing. The pandemic initially cut fuel demand 30% and refiners
temporarily idled plants. But consumption has not returned to pre-pandemic
levels and lower travel may be here to stay, leading to tough decisions for
permanent shutdowns. Here are some of the plants involved: Royal Dutch Shell
will permanently shut its 110,000-barrel-per-day Tabangao facility in
Philippines’ Batangas province, one of only two oil refineries in the country.
Shell blamed a pandemic-led slump in margins for turning the plant into an
import terminal.
http://www.mrcplast.com/news-news_open-374996.html
6.
Gurit profits rise, sales nearly flat YOY
MOSCOW (MRC) -- Gurit posted a
fall in earnings during the first half of 2020, but saw higher net sales from
continued operations, said Chemweek. Gurit's performance was boosted by the
discontinuation of its automotive business which weighed on the previous year's
performance. Sales in the aerospace business unit fell by nearly one-third as
travel restrictions introduced to combat the pandemic caused a crash in sectoral
demand. Gurit’s composite materials business segment posted an uptick in sales
as growth in the wind energy market more than offset a decline in the marine and
industrial markets. Gurit achieved an operating profit margin of 11.1% compared
with 9.7% for the first half of 2019.
http://www.mrcplast.com/news-news_open-375119.html |
